<SEC-DOCUMENT>0000818972-15-000005.txt : 20150528
<SEC-HEADER>0000818972-15-000005.hdr.sgml : 20150528
<ACCEPTANCE-DATETIME>20150528160612
ACCESSION NUMBER:		0000818972-15-000005
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20150331
FILED AS OF DATE:		20150528
DATE AS OF CHANGE:		20150528
EFFECTIVENESS DATE:		20150528

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DREYFUS STRATEGIC MUNICIPALS INC
		CENTRAL INDEX KEY:			0000818972
		IRS NUMBER:				133426554
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05245
		FILM NUMBER:		15895555

	BUSINESS ADDRESS:	
		STREET 1:		THE DREYFUS CORPORATION
		STREET 2:		200 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
		BUSINESS PHONE:		2129228297

	MAIL ADDRESS:	
		STREET 1:		DREYFUS CORP
		STREET 2:		200 PARK AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>lp1-832.htm
<DESCRIPTION>SEMI-ANNUAL REPORT
<TEXT>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 24pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>Washington, D.C.&nbsp; 20549</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">FORM N-CSR</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT<BR>INVESTMENT COMPANIES</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Investment Company Act file number</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Dreyfus Strategic Municipals, Inc.</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">(Exact name of Registrant as specified in charter)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">c/o The Dreyfus Corporation</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">200 Park Avenue</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">New York, New York 10166</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">(Address of principal executive offices) (Zip code)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">John Pak, Esq.</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">200 Park Avenue</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">New York, New York 10166</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">(Name and address of agent for service)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">(212) 922-6000</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Date of fiscal year end:</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">9/30</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">3/31/15</FONT></P></TD>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">FORM N-CSR</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Item 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to Stockholders.</FONT></B></P>

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   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=6 face=Interstate-Light,Arial,Helvetica,sans-serif>Dreyfus Strategic</FONT>&nbsp;</TD></TR>

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   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=6 face=Interstate-Light,Arial,Helvetica,sans-serif>Municipals, Inc.</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center"><B><FONT color=#141414 size=3 face="Bembo-Bold,Times New Roman,Times,serif">Dreyfus Strategic Municipals, Inc.</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT color=#141414 size=2 face="Bembo-Bold,Times New Roman,Times,serif">Protecting Your Privacy</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT color=#141414 size=2 face="Bembo-Bold,Times New Roman,Times,serif">Our Pledge to You</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=2 face="Bembo-Bold,Times New Roman,Times,serif">THE FUND IS COMMITTED TO YOUR PRIVACY. </FONT></B><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">On this page, you will find the Fund&#8217;s policies and practices for collecting, disclosing, and safeguarding &#8220;nonpublic personal information,&#8221; which may include financial or other customer information.These policies apply to individuals who purchase Fund shares for personal, family, or household purposes, or have done so in the past. This notification replaces all previous statements of the Fund&#8217;s consumer privacy policy, and may be amended at any time. We&#8217;ll keep you informed of changes as required by law.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=2 face="Bembo-Bold,Times New Roman,Times,serif">YOUR ACCOUNT IS PROVIDED IN A SECURE ENVIRONMENT. </FONT></B><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The Fund maintains physical, electronic and procedural safeguards that comply with federal regulations to guard nonpublic personal information. The Fund&#8217;s agents and service providers have limited access to customer information based on their role in servicing your account.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=2 face="Bembo-Bold,Times New Roman,Times,serif">THE FUND COLLECTS INFORMATION IN ORDER TO SERVICE AND ADMINISTER YOUR ACCOUNT.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The Fund collects a variety of nonpublic personal information, which may include:</FONT></P>

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<LI>

<P align=justify><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Information we receive from you, such as your name, address, and</FONT> <FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">social security number.</FONT></P>

<LI>

<P align=justify><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Information about your transactions with us, such as the</FONT> <FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">purchase or sale of Fund shares.</FONT></P>

<LI>

<P align=justify><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Information we receive from agents and service providers, such</FONT> <FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">as proxy voting information.</FONT></P></LI></UL>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=2 face="Bembo-Bold,Times New Roman,Times,serif">THE FUND DOES NOT SHARE NONPUBLIC</FONT></B><BR><B><FONT color=#141414 size=2 face="Bembo-Bold,Times New Roman,Times,serif">PERSONAL INFORMATION WITH ANYONE, EXCEPT</FONT></B><BR><B><FONT color=#141414 size=2 face="Bembo-Bold,Times New Roman,Times,serif">AS PERMITTED BY LAW.</FONT></B><BR><BR><B><I><FONT color=#141414 size=2 face="Bembo-BoldItalic,Times New Roman,Times,serif">Thank you for this opportunity to serve you.</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The views expressed in this report reflect those of the portfolio manager only through the end of the period covered and do not necessarily represent the views of Dreyfus or any other person in the Dreyfus organization. Any such views are subject to change at any time based upon market or other conditions and Dreyfus disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Dreyfus fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Dreyfus fund.</FONT></P>

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   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Not FDIC-Insured &#8226; Not Bank-Guaranteed &#8226; May Lose Value</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <P align=justify><FONT color=#141414 size=7 face=Interstate-Light,Arial,Helvetica,sans-serif>Contents</FONT></P></TD></TR>

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   <TD width="10%">&nbsp;</TD>

   <TD width="90%">

   <P align=justify><FONT color=#141414 size=3 face=Interstate-Light,Arial,Helvetica,sans-serif>THE FUND</FONT></P></TD></TR>

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   <TD vAlign=top width="2%" noWrap align=right><B><FONT color=#141414 size=2 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>2</FONT></B>&nbsp; &nbsp; &nbsp; </TD>

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   <P align=justify><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">A Letter from the President</FONT></P></TD></TR>

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   <TD vAlign=top width="2%" noWrap align=right><B><FONT color=#141414 size=2 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>3</FONT></B>&nbsp; &nbsp; &nbsp; </TD>

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   <P align=justify><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Discussion of Fund Performance</FONT></P></TD></TR>

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   <TD vAlign=top width="2%" noWrap align=right><B><FONT color=#141414 size=2 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>6</FONT></B>&nbsp; &nbsp; &nbsp; </TD>

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   <P align=justify><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Statement of Investments</FONT></P></TD></TR>

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   <TD vAlign=top width="2%" noWrap align=right><B><FONT color=#141414 size=2 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>25</FONT></B>&nbsp; &nbsp; &nbsp; </TD>

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   <P align=justify><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Statement of Assets and Liabilities</FONT></P></TD></TR>

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   <TD vAlign=top width="2%" noWrap align=right><B><FONT color=#141414 size=2 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>26</FONT></B>&nbsp; &nbsp; &nbsp; </TD>

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   <P align=justify><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Statement of Operations</FONT></P></TD></TR>

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   <TD vAlign=top width="2%" noWrap align=right><B><FONT color=#141414 size=2 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>27</FONT></B>&nbsp; &nbsp; &nbsp; </TD>

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   <P align=justify><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Statement of Cash Flows</FONT></P></TD></TR>

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   <TD vAlign=top width="2%" noWrap align=right><B><FONT color=#141414 size=2 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>28</FONT></B>&nbsp; &nbsp; &nbsp; </TD>

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   <P align=justify><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Statement of Changes in Net Assets</FONT></P></TD></TR>

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   <TD vAlign=top width="2%" noWrap align=right><B><FONT color=#141414 size=2 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>29</FONT></B>&nbsp; &nbsp; &nbsp; </TD>

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   <P align=justify><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Financial Highlights</FONT></P></TD></TR>

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   <TD vAlign=top width="2%" noWrap align=right><B><FONT color=#141414 size=2 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>31</FONT></B>&nbsp; &nbsp; &nbsp; </TD>

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   <P align=justify><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Notes to Financial Statements</FONT></P></TD></TR>

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   <TD vAlign=top width="2%" noWrap align=right><B><FONT color=#141414 size=2 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>41</FONT></B>&nbsp; &nbsp; &nbsp; </TD>

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   <P align=justify><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Information About the Renewal of the Fund&#8217;s Management Agreement</FONT></P></TD></TR>

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   <TD vAlign=top width="2%" noWrap align=right><B><FONT color=#141414 size=2 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>49</FONT></B>&nbsp; &nbsp; &nbsp; </TD>

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   <P align=justify><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Officers and Directors</FONT></P></TD></TR>

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   <P align=justify><FONT color=#141414 size=3 face=Interstate-Light,Arial,Helvetica,sans-serif>FOR MORE INFORMATION</FONT></P></TD></TR>

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   <P align=justify><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Back Cover</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face=Interstate-Regular,Arial,Helvetica,sans-serif>Dreyfus</FONT><BR><FONT color=#141414 size=2 face=Interstate-Regular,Arial,Helvetica,sans-serif>Strategic Municipals, Inc.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=7 face=Interstate-Light,Arial,Helvetica,sans-serif>The Fund</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=3 face=Interstate-Light,Arial,Helvetica,sans-serif>A LETTER FROM THE PRESIDENT</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Dear Shareholder:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">This semiannual report for Dreyfus Strategic Municipals, Inc. covers the six-month period from October 1, 2014, through March 31, 2015. For information about how the fund performed during the reporting period, as well as general market perspectives, we provide a Discussion of Fund Performance on the pages that follow.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Municipal bonds continued to gain a degree of value over the reporting period in an environment of falling long-term interest rates and favorable supply-and-demand dynamics. Bond yields trended lower despite a sustained U.S. economic recovery, in part due to robust demand from investors seeking relatively safe havens in the midst of disappointing global growth and intensifying geopolitical conflicts. A generally stable supply of newly issued securities and improving credit conditions for many municipal issuers also supported the market&#8217;s performance.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">We remain optimistic regarding the long-term outlook for the U.S. economy generally and the municipal bond asset class in particular.We believe the domestic economic recovery has continued at a sustainable pace, energy prices appear to have stabilized, and aggressively accommodative monetary policies from the world&#8217;s major central banks seem likely to address global economic weakness. While monetary policymakers currently appear prepared to begin raising short-term interest rates later this year, any potential rate hikes are expected to be gradual and modest. As always, we urge you to discuss these observations with your financial advisor, who can help you assess their implications for your investment portfolio.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Thank you for your continued confidence and support.</FONT></P>
<IMG border=0 src="smncsrx4x1.jpg"> <BR>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">J. Charles Cardona</FONT><BR><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">President</FONT><BR><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The Dreyfus Corporation</FONT><BR><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">April 15, 2015</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>2</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT color=#141414 size=3 face=Interstate-Light,Arial,Helvetica,sans-serif>DISCUSSION OF FUND PERFORMANCE</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT color=#141414 size=2 face="Bembo-Italic,Times New Roman,Times,serif">For the period of October 1, 2014, through March 31, 2015, as provided by Daniel Barton and Jeffrey Burger, Portfolio Managers</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face=Interstate-Regular,Arial,Helvetica,sans-serif>Fund and Market Performance Overview</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">For the six-month period ended March 31, 2015, Dreyfus Strategic Municipals, Inc. achieved a total return of 5.05% on a net-asset-value basis.</FONT><SUP><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">1 </FONT></SUP><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Over the same period, the fund provided aggregate income dividends of $0.270 per share, which reflects an annualized distribution rate of 6.44%.</FONT><SUP><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">2</FONT></SUP></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Municipal bonds generally rallied over the reporting period as long-term interest rates continued to fall.The fund particularly benefited in this environment from its interest-rate and security selection strategies.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face=Interstate-Regular,Arial,Helvetica,sans-serif>The Fund&#8217;s Investment Approach</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The fund&#8217;s investment objective is to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. Under normal market conditions, the fund invests at least 80% of its net assets in municipal obligations. Generally, the fund invests at least 50% of its net assets in municipal bonds considered investment grade or the unrated equivalent as determined by Dreyfus in the case of bonds, and in the two highest-rating categories or the unrated equivalent as determined by Dreyfus in the case of short-term obligations having or deemed to have maturities of less than one year.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">To this end, portfolio construction focuses on income opportunities, through analysis of each bond&#8217;s structure, including paying close attention to each bond&#8217;s yield, maturity, and early redemption features. When making new investments, we focus on identifying undervalued sectors and securities, and we minimize reliance on interest rate forecasting. We select municipal bonds based on fundamental credit analysis to estimate the relative value and attractiveness of various sectors and securities and to exploit pricing inefficiencies in the municipal bond market.We actively trade among various sectors, such as escrowed, general obligation and revenue, based on their apparent relative values. Leverage, which is utilized in the portfolio in order to generate a higher level of current income exempt from regular federal income taxes, does amplify the fund&#8217;s exposure to interest rate movements, and potentially, gains or losses, especially those among the longest maturities.</FONT></P>

<P style="TEXT-ALIGN: right"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>The Fund </FONT><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>3</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>DISCUSSION OF FUND PERFORMANCE </FONT><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">(continued)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face=Interstate-Regular,Arial,Helvetica,sans-serif>Falling Long-Term Rates Supported Bond Prices</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">A sustained U.S. economic recovery persisted throughout the reporting period, yet long-term interest rates fell, defying expectations that an expanding domestic economy would drive bonds yields higher. Global investors seeking more competitive yields from sovereign bonds than were available in Europe and Japan flocked to U.S. Treasury securities, and the resulting supply-and-demand imbalance put downward pressure on yields of U.S. fixed-income securities. February 2015 proved to be a notable exception to this trend: longer term interest rates climbed after stronger-than-expected employment data sparked concerns that short-term interest rates might rise sooner than previously forecast. Nonetheless, the rally resumed in March when it became clearer that short-term rate hikes were not imminent.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Municipal bonds continued to benefit from favorable supply-and-demand dynamics during the reporting period due to robust demand from individual investors seeking competitive levels of tax-exempt income. Despite greater-than-expected issuance volumes over the first quarter of 2015, the supply of newly issued municipal securities generally remained stable for the reporting period overall.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The economic rebound resulted in better underlying credit conditions for most municipal bond issuers. Tax revenues have climbed beyond pre-recession levels for most state and local governments, enabling them to achieve balanced budgets and replenish reserves.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face=Interstate-Regular,Arial,Helvetica,sans-serif>Interest Rate and Selection Strategies Boosted Returns</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The fund&#8217;s focus on longer maturities helped capture the benefits of falling long-term interest rates and narrowing yield differences along the market&#8217;s maturity spectrum. Our security selection strategy also proved effective, including overweight exposure to higher yielding, revenue-backed bonds and an underweight position in general obligation bonds. The fund achieved especially strong results from revenue bonds backed by charter schools, hospitals, industrial development projects, and the states&#8217; settlement of litigation with U.S. tobacco companies.The fund also benefited from its leveraging strategy, which magnified investment gains.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">On the other hand, laggards for the reporting period included its holdings of shorter term securities, including escrowed bonds. Higher quality securities from education providers, special tax districts, and electricity producers also trailed market averages.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>4</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face=Interstate-Regular,Arial,Helvetica,sans-serif>A Constructive Investment Posture</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">We remain optimistic regarding the prospects for municipal bonds. The U.S. economic recovery has gained traction, and credit conditions generally have continued to improve.Although the supply of newly issued municipal bonds recently began to increase, we expect robust investor demand to absorb additional issuance. Finally, we anticipate that the Federal Reserve Board will begin to raise short-term interest rates over the intermediate term. While we expect market volatility to increase as the inflection point approaches, we note that inflation has remained subdued and tax-exempt bonds historically have tended to be less sensitive than U.S. Treasury securities to rising interest rates.Therefore, as of the reporting period&#8217;s end, we have maintained a constructive interest-rate positioning, and we have retained our focus on longer term revenue bonds with strong income characteristics.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">April 15, 2015</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">Bond funds are subject generally to interest rate, credit, liquidity, and market risks, to varying degrees. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes, and rate increases can cause price declines. High yield bonds are subject to increased credit risk and are considered speculative in terms of the issuer&#8217;s perceived ability to continue making interest payments on a timely basis and to repay principal upon maturity.The use of leverage may magnify the fund&#8217;s gains or losses. For derivatives with a leveraging component, adverse changes in the value or level of the underlying asset can result in a loss that is much greater than the original investment in the derivative.</FONT></I></P>

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   <TD align=right><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">1 Total return includes reinvestment of dividends and any capital gains paid, based upon net asset value per share. Past</FONT></I>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 10pt" align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">performance is no guarantee of future results. Market price per share, net asset value per share, and investment return</FONT></I>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 10pt" align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">fluctuate. Income may be subject to state and local taxes, and some income may be subject to the federal alternative</FONT></I>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 10pt" align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">minimum tax (AMT) for certain investors. Capital gains, if any, are fully taxable. Return figure provided reflects the</FONT></I>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 10pt" align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">absorption of certain fund expenses by The Dreyfus Corporation pursuant to an agreement in effect until May 31,</FONT></I>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 10pt" align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">2015, at which time it may be extended, modified, or terminated. Had these expenses not been absorbed, the fund&#8217;s</FONT></I>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 10pt" align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">return would have been lower.</FONT></I>&nbsp;</TD></TR>

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   <TD align=right><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">2 Annualized distribution rate per share is based upon dividends per share paid from net investment income during</FONT></I>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 10pt" align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">the period (annualized), divided by the market price per share at the end of the period, adjusted for any capital</FONT></I>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 10pt" align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">gain distributions.</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>The Fund </FONT><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>5</FONT></B></P></DIV>

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   <TD align=left><FONT color=#141414 size=3 face=Interstate-Light,Arial,Helvetica,sans-serif>STATEMENT OF INVESTMENTS</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>March 31, 2015 (Unaudited)</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Principal</FONT>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.562pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Investments&#8212;150.2%</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Amount ($)</FONT>&nbsp;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Value ($)</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Alabama&#8212;1.5%</FONT></B>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Jefferson County,</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Limited Obligation</FONT>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>School Warrants</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.25</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1/1/17</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4,520,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>a</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4,565,245</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Jefferson County,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Limited Obligation</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>School Warrants</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1/1/24</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>a</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,020,020</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Jefferson County,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Sewer Revenue Warrants</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>0/7.90</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10/1/50</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>b</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,619,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Alaska&#8212;1.6%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Northern Tobacco Securitization</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Corporation of Alaska, Tobacco</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Settlement Asset-Backed Bonds</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6/1/46</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11,190,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8,788,514</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Arizona&#8212;5.6%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Arizona Housing Finance Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>SFMR (Mortgage-Backed</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Securities Program)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Collateralized: FHLMC, FNMA</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>and GNMA)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.55</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12/1/41</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,370,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,433,691</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Receipts (Series 21 W)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Recourse (Salt River Project</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Agricultural Improvement and</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Power District, Salt River</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Project Electric System</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1/1/38</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>17,207,871</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>18,814,338</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Pima County Industrial Development</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Authority, Education Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(American Charter Schools</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Foundation Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.63</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7/1/38</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,410,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>a</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,271,042</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Salt Verde Financial Corporation,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Senior Gas Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12/1/37</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6,030,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7,061,914</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Arkansas&#8212;.3%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Arkansas Development Finance</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Authority, HR (Washington</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Regional Medical Center)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2/1/35</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,300,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,454,674</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>6</FONT></B></P></DIV>

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   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Principal</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.562pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Amount ($)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>California&#8212;17.1%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Receipts (Series 80 W)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Recourse (Los Angeles</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Department of Airports, Senior</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue (Los Angeles</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>International Airport))</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5/15/31</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,247,500</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6,086,608</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>California,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>GO (Various Purpose)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.75</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4/1/31</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10,800,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12,667,320</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>California,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>GO (Various Purpose)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.50</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4/1/33</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12,138,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>California,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>GO (Various Purpose)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11/1/35</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7,500,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>9,119,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>California Statewide Communities</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Development Authority, Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Bentley School)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,090,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>a</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,380,823</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>California Statewide Communities</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Development Authority, Student</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Housing Revenue (CHF-Irvine,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>LLC-UCI East Campus</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Apartments, Phase II)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.75</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5/15/32</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>a</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,208,080</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>JPMorgan Chase Putters/Drivers</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Trust (Series 3851)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Non-recourse (California</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Educational Facilities</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Authority, Revenue (University</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>of Southern California))</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.25</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10/1/16</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10,100,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>a,c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11,384,013</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>JPMorgan Chase Putters/Drivers</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Trust (Series 4361)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Non-recourse (Los Angeles</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Department of Water and Power,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Water System Revenue)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7/1/20</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,688,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>RIB Floater Trust (Barclays Bank</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>PLC) (Series 23 U) Recourse</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(The Regents of the University</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>of California, General Revenue)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5/15/38</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10,000,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>a,c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11,486,300</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: right"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>The Fund </FONT><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>7</FONT></B></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>STATEMENT OF INVESTMENTS (Unaudited) </FONT><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">(continued)</FONT></I></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="40%"></TD>

   <TD width="11%"></TD>

   <TD width="13%"></TD>

   <TD width="14%"></TD>

   <TD width="5%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Principal</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.562pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=center><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Amount ($)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>California (continued)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Sacramento County,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Airport System Subordinate and</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Passenger Facility Charges</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Grant Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7/1/35</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6,250,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7,137,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>San Buenaventura,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue (Community Memorial</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Health System)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7.50</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12/1/41</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,465,860</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>San Francisco City and County</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Redevelopment Agency Community</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Facilities District Number 6,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Special Tax Revenue (Mission</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Bay South Public Improvements)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8/1/23</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,184,440</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Tobacco Securitization Authority</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>of Southern California,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Tobacco Settlement</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Asset-Backed Bonds (San Diego</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>County Tobacco Asset</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Securitization Corporation)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6/1/37</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7,300,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6,293,987</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Tuolumne Wind Project Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue (Tuolumne Company</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.88</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1/1/29</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,500,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4,105,185</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Colorado&#8212;4.9%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Beacon Point Metropolitan</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>District, GO</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.25</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12/1/35</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,008,860</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Colorado Educational and Cultural</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Facilities Authority, Charter</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>School Revenue (American</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Academy Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,500,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>a</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4,102,945</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>JPMorgan Chase Putters/Drivers</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Trust (Series 4386)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Non-recourse (Board of</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Governors of the Colorado</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>State University, System</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Enterprise Revenue)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3/1/20</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7,500,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>a,c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8,490,525</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>8</FONT></B></P></DIV>

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<TR>

   <TD width="39%"></TD>

   <TD width="12%"></TD>

   <TD width="13%"></TD>

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   <TD width="4%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Principal</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.562pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Amount ($)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Colorado (continued)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

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   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>RIB Floater Trust (Barclays Bank</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>PLC) (Series 25 U-1) Recourse</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Colorado Springs, Utilities</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>System Improvement Revenue)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11/15/43</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>9,750,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11,189,588</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>The Plaza Metropolitan District</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Number 1, Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12/1/17</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,170,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,227,681</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>District of Columbia&#8212;4.2%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>RIB Floater Trust (Barclays Bank</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>PLC) (Series 15 U) Recourse</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(District of Columbia, Income</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Tax Secured Revenue)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12/1/35</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>19,997,609</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>22,983,609</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Florida&#8212;6.7%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Clearwater,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Water and Sewer Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.25</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12/1/39</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,695,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Florida Development Finance</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Corporation, Educational</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Facilities Revenue (Miami Arts</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Charter School Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6/15/44</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>a,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,116,550</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Greater Orlando Aviation</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Authority, Airport Facilities</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.25</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10/1/20</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>9,577,120</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Miami-Dade County,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Subordinate Special Obligation</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>0.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10/1/45</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>e</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>743,190</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Mid-Bay Bridge Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Springing Lien Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7.25</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10/1/34</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7,400,040</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Saint Johns County Industrial</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Development Authority, Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Presbyterian Retirement</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Communities Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8/1/45</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6,500,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7,390,630</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Village Community Development</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>District Number 10, Special</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Assessment Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5/1/44</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,167,740</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: right"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>The Fund </FONT><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>9</FONT></B></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_14"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>STATEMENT OF INVESTMENTS (Unaudited) </FONT><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">(continued)</FONT></I></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="39%"></TD>

   <TD width="13%"></TD>

   <TD width="12%"></TD>

   <TD width="14%"></TD>

   <TD width="4%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Principal</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.562pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Amount ($)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Georgia&#8212;5.4%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Atlanta,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Water and Wastewater Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Insured; Assured Guaranty</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Municipal Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.25</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11/1/34</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4,555,560</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Atlanta,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Water and Wastewater Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Prerefunded)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11/1/19</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>f</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7,263,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Georgia Higher Education</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Facilities Authority, Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(USG Real Estate Foundation I,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>LLC Project) (Insured; Assured</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Guaranty Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.63</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6/15/38</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>a</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6,681,960</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>RIB Floater Trust (Barclays Bank</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>PLC) (Series 20 U) Recourse</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Private Colleges and</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Universities Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue (Emory University))</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10/1/43</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10,000,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>a,c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11,507,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Hawaii&#8212;.9%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Hawaii Department of Budget and</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Finance, Special Purpose</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue (Hawai&#8217;i Pacific</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Health Obligated Group)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.75</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4,415,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,079,148</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Idaho&#8212;.9%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Power County Industrial</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Development Corporation, SWDR</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(FMC Corporation Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.45</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8/1/32</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,010,450</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Illinois&#8212;5.9%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Chicago,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>General Airport Senior Lien</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue (Chicago O&#8217;Hare</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>International Airport)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1/1/24</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,550,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6,376,950</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Chicago,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>General Airport Third Lien</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue (Chicago O&#8217;Hare</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>International Airport)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.63</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1/1/35</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,786,550</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>10</FONT></B></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
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<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="39%"></TD>

   <TD width="13%"></TD>

   <TD width="13%"></TD>

   <TD width="14%"></TD>

   <TD width="5%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Principal</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.562pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Amount ($)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Illinois (continued)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Chicago,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>GO</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1/1/24</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,647,975</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>JPMorgan Chase Putters/Drivers</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Trust (Series 4360)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Non-recourse (Greater Chicago</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Metropolitan Water Reclamation</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>District, GO Capital</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Improvement Bonds)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12/1/19</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7,500,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8,565,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Metropolitan Pier and Exposition</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Authority, Revenue (McCormick</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Place Expansion Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>0.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12/15/51</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12,450,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>e</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,156,714</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Railsplitter Tobacco Settlement</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Authority, Tobacco Settlement</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6/1/28</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,050,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6,022,024</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>University of Illinois Board of</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Trustees, Auxiliary Facilities</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>System Revenue (University of</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Illinois)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4/1/44</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>a</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,126,460</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Indiana&#8212;.3%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Indiana Finance Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue (Marquette Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3/1/39</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,400,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,477,322</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Iowa&#8212;1.9%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Iowa Finance Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Midwestern Disaster Area</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue (Iowa Fertilizer</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Company Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.25</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12/1/25</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7,375,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8,270,178</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Tobacco Settlement Authority of</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Iowa, Tobacco Settlement</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Asset-Backed Bonds</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.60</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6/1/34</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,924,840</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Kentucky&#8212;.5%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Louisville/Jefferson County Metro</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Government, Health Facilities</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue (Jewish Hospital and</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Saint Mary&#8217;s HealthCare, Inc.</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Project) (Prerefunded)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.13</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,300,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>f</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,637,479</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: right"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>The Fund </FONT><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>11</FONT></B></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_16"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>STATEMENT OF INVESTMENTS (Unaudited) </FONT><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">(continued)</FONT></I></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="40%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="14%"></TD>

   <TD width="4%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Principal</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.562pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Amount ($)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Louisiana&#8212;1.6%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Lakeshore Villages Master</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Community Development</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>District, Special Assessment</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.25</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7/1/17</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,979,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>g</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,043,067</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Louisiana Local Government</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Environmental Facilities and</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Community Development</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Authority, Revenue (Westlake</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Chemical Corporation Projects)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.75</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11/1/32</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7,829,150</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Maine&#8212;.7%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Maine Health and Higher</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Educational Facilities</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Authority, Revenue (MaineGeneral</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Medical Center Issue)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7.50</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7/1/32</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,668,190</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Maryland&#8212;1.9%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>JPMorgan Chase Putters/Drivers</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Trust (Series 4422)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Non-recourse (Mayor and City</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Council of Baltimore, Project</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue (Water Projects))</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7/1/21</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>9,000,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10,312,425</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Massachusetts&#8212;9.9%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Receipts (Series 15 W)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Recourse (Massachusetts Health</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>and Educational Facilities</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Authority, Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Massachusetts Institute of</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Technology Issue))</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7/1/38</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>13,110,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>a,c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>14,392,420</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>JPMorgan Chase Putters/Drivers</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Trust (Series 3840)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Non-recourse (Massachusetts</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Development Finance Agency,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue (Harvard University</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Issue))</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.25</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10,000,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>a,c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11,711,100</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>JPMorgan Chase Putters/Drivers</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Trust (Series 3898)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Non-recourse (Massachusetts,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Consolidated Loan)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4/1/19</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8,600,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10,157,374</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>12</FONT></B></P></DIV>

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<TR>

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   <TD width="11%"></TD>

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   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Principal</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.562pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Amount ($)</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Massachusetts (continued)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>JPMorgan Chase Putters/Drivers</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Trust (Series 4420)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Non-recourse (Massachusetts</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>School Building Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Senior Dedicated Sales Tax</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5/15/21</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10,000,000 </FONT><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>a,c,d</FONT></SUP></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11,439,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Massachusetts Health and</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Educational Facilities</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Authority, Revenue (Suffolk</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>University Issue)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.25</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7/1/30</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,650,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>a</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6,626,094</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Michigan&#8212;8.3%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Charyl Stockwell Academy,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>COP</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.90</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10/1/35</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,580,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>a</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,579,690</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Detroit,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Water Supply System Senior</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Lien Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7/1/31</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,000,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,215,670</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Kent Hospital Finance Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue (Metropolitan Hospital</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7/1/35</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,930,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,948,898</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Michigan Finance Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Local Government Loan Program</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue (Detroit Water and</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Sewerage Department, Sewage</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Disposal System Revenue Senior</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Lien Local Project Bonds)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Insured; Assured Guaranty</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Municipal Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7/1/31</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,000,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,252,040</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Michigan Finance Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Local Government Loan Program</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue (Detroit Water and</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Sewerage Department, Water</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Supply System Revenue Senior</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Lien Local Project Bonds)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Insured; National Public</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Finance Guarantee Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7/1/36</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,000,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,198,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Michigan Hospital Finance</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Authority, HR (Henry Ford</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Health System)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.63</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11/15/29</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,000,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,715,500</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: right"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>The Fund </FONT><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>13</FONT></B></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_18"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>STATEMENT OF INVESTMENTS (Unaudited) </FONT><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">(continued)</FONT></I></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="38%"></TD>

   <TD width="11%"></TD>

   <TD width="13%"></TD>

   <TD width="17%"></TD>

   <TD width="4%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Principal</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.562pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=center><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Amount ($)</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Michigan (continued)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Michigan Strategic Fund,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>SWDR (Genesee Power Station</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7.50</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1/1/21</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,880,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,879,059</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Michigan Tobacco Settlement</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Finance Authority, Tobacco</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Settlement Asset-Backed</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Bonds</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.88</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6/1/42</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,000,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4,985,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Michigan Tobacco Settlement</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Finance Authority, Tobacco</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Settlement Asset-Backed Bonds</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6/1/48</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4,000,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,447,840</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Royal Oak Hospital Finance</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Authority, HR (William</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Beaumont Hospital Obligated</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Group) (Prerefunded)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8.25</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>9/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,500,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>f</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6,839,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Wayne County Airport Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Airport Revenue (Detroit</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Metropolitan Wayne County</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Airport)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12/1/44</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,000,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,226,780</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Wayne County Airport Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Airport Revenue (Detroit</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Metropolitan Wayne County</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Airport) (Insured; National</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Public Finance Guarantee Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12/1/34</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,435,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,521,287</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Minnesota&#8212;1.8%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Dakota County Community</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Development Agency, SFMR</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Mortgage-Backed Securities</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Program) (Collateralized:</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>FHLMC, FNMA and GNMA)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.15</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12/1/38</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>167,803</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>172,767</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Dakota County Community</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Development Agency, SFMR</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Mortgage-Backed Securities</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Program) (Collateralized:</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>FHLMC, FNMA and GNMA)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.30</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12/1/39</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>278,272</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>289,036</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Minneapolis,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Health Care System Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Fairview Health Services)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Insured; Assured Guaranty Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.50</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11/15/38</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,000,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,852,300</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>14</FONT></B></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
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<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="38%"></TD>

   <TD width="11%"></TD>

   <TD width="13%"></TD>

   <TD width="17%"></TD>

   <TD width="4%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Principal</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.562pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=center><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Amount ($)</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Minnesota (continued)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Saint Paul Housing and</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Redevelopment Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Hospital Facility Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(HealthEast Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.15</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11/15/20</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,310,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,371,996</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Mississippi&#8212;2.7%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Mississippi Business Finance</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Corporation, PCR (System</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Energy Resources, Inc.</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.88</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4/1/22</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>9,310,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>9,320,241</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Mississippi Development Bank,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Special Obligation Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Magnolia Regional Health</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Center Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.50</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10/1/31</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,000,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,772,650</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Missouri&#8212;.4%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Missouri Development Finance</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Board, Infrastructure</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Facilities Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Independence, Crackerneck</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Creek Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3/1/28</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,000,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,025,360</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>New Jersey&#8212;2.0%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>New Jersey Economic Development</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Authority, Special Facility</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue (Continental Airlines,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Inc. Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.25</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>9/15/29</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,000,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,196,240</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>New Jersey Higher Education</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Student Assistance Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Student Loan Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Insured; Assured Guaranty</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.13</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6/1/30</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4,435,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>a</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4,807,185</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Tobacco Settlement Financing</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Corporation of New Jersey,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Tobacco Settlement</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Asset-Backed Bonds</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6/1/41</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,500,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4,245,450</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>New Mexico&#8212;1.4%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Farmington,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>PCR (Public Service Company</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>of New Mexico San Juan Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.90</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7,000,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7,854,140</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: right"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>The Fund </FONT><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>15</FONT></B></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_20"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>STATEMENT OF INVESTMENTS (Unaudited) </FONT><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">(continued)</FONT></I></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="38%"></TD>

   <TD width="13%"></TD>

   <TD width="13%"></TD>

   <TD width="14%"></TD>

   <TD width="4%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Principal</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.562pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Amount ($)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>New York&#8212;11.8%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Receipts (Series 7 B) Recourse</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(New York City Transitional</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Finance Authority, Future Tax</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Secured Subordinate Revenue)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.50</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11/1/27</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6,050,300</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Receipts (Series 29 W)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Recourse (New York City</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Municipal Water Finance</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Authority, Water and Sewer</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>System General Resolution</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6/15/39</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>20,000,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>22,622,400</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>JPMorgan Chase Putters/Drivers</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Trust (Series 3857)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Non-recourse (New York City</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Transitional Finance</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Authority, Future Tax Secured</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Subordinate Revenue)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.25</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6,036,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>New York City Educational</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Construction Fund, Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.50</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4/1/27</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4,490,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>a</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,630,011</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>New York City Industrial</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Development Agency, PILOT</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue (Yankee Stadium</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Project) (Insured; Assured</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Guaranty Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3/1/49</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,968,150</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>New York Liberty Development</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Corporation, Revenue (3 World</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Trade Center Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11/15/44</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7,395,430</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>New York State Dormitory</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Authority, State Personal</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Income Tax Revenue (General</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Purpose)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3/15/32</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,842,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Niagara Area Development</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Corporation, Solid Waste</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Disposal Facility Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Covanta Energy Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.25</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11/1/42</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,123,000</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>16</FONT></B></P></DIV>

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<TR>

   <TD width="40%"></TD>

   <TD width="12%"></TD>

   <TD width="12%"></TD>

   <TD width="14%"></TD>

   <TD width="4%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Principal</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.562pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Amount ($)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>New York (continued)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Port Authority of New York and New</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Jersey, Special Project Bonds</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(JFK International Air</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Terminal LLC Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12/1/36</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,366,480</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Ohio&#8212;10.0%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Buckeye Tobacco Settlement</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Financing Authority, Tobacco</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Settlement Asset-Backed Bonds</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.50</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6/1/47</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12,500,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11,162,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Butler County,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Hospital Facilities Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(UC Health)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.50</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,850,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4,424,497</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Canal Winchester Local School</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>District, School Facilities</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Construction and Improvement</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>and Advance Refunding Bonds</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(GO&#8212;Unlimited Tax) (Insured;</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>National Public Finance</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Guarantee Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>0.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12/1/29</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,955,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>e</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,509,764</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Canal Winchester Local School</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>District, School Facilities</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Construction and Improvement</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>and Advance Refunding Bonds</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(GO&#8212;Unlimited Tax) (Insured;</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>National Public Finance</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Guarantee Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>0.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12/1/31</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,955,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>e</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,320,478</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>JPMorgan Chase Putters/Drivers</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Trust (Series 4367)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Non-recourse (Hamilton County,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Sewer System Improvement</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue (The Metropolitan</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Sewer District of Greater</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Cincinnati))</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6/1/33</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>17,000,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>19,703,680</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Muskingum County,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Hospital Facilities Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Genesis HealthCare System</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Obligated Group Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2/15/22</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4,590,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,045,374</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: right"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>The Fund </FONT><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>17</FONT></B></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_22"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>STATEMENT OF INVESTMENTS (Unaudited) </FONT><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">(continued)</FONT></I></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="36%"></TD>

   <TD width="13%"></TD>

   <TD width="12%"></TD>

   <TD width="18%"></TD>

   <TD width="4%"></TD>

   <TD width="13%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Principal</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.562pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=center><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Amount ($)</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Ohio (continued)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Ohio Air Quality Development</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Authority, Air Quality</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue (Ohio Valley</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Electric Corporation</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.63</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10/1/19</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,900,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,143,865</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Port of Greater Cincinnati</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Development Authority, Tax</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Increment Development</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue (Fairfax Village</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Red Bank Infrastructure</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.63</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2/1/36</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,000,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,014,010</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Toledo-Lucas County Port</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Authority, Special Assessment</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue (Crocker Park Public</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Improvement Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.38</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12/1/35</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,000,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,030,200</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Oregon&#8212;1.0%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Multnomah County Hospital</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Facilities Authority, Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Mirabella at South Waterfront</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.40</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10/1/44</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,695,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,853,550</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Warm Springs Reservation</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Confederated Tribes,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Hydroelectric Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Pelton Round Butte</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.38</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11/1/33</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,300,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,688,047</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Pennsylvania&#8212;1.7%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>JPMorgan Chase Putters/Drivers</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Trust (Series 3916)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Non-recourse (Geisinger</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Authority, Health System</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue (Geisinger Health</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>System))</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.13</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6/1/35</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,000,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,368,910</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Montgomery County Industrial</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Development Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue (Whitemarsh</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Continuing Care</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Retirement Community</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.25</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,500,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,518,720</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>18</FONT></B></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="39%"></TD>

   <TD width="12%"></TD>

   <TD width="13%"></TD>

   <TD width="14%"></TD>

   <TD width="4%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Principal</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.562pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Amount ($)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Pennsylvania (continued)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Philadelphia,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>GO</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.50</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8/1/41</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,550,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4,292,199</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Rhode Island&#8212;1.1%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Rhode Island Health and</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Educational Building</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Corporation, Hospital</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Financing Revenue (Lifespan</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Obligated Group Issue)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Insured; Assured Guaranty</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5/15/39</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,986,550</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>South Carolina&#8212;7.2%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Receipts (Series 42 W)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Recourse (Columbia, Waterworks</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>and Sewer System Revenue)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11,414,800</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>JPMorgan Chase Putters/Drivers</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Trust (Series 4379)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Non-recourse (South Carolina</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Public Service Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue Obligations (Santee</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Cooper))</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.13</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6/1/37</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>15,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>17,051,850</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>South Carolina Public Service</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Authority, Revenue Obligations</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Santee Cooper)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.50</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1/1/38</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11,362,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Tennessee&#8212;4.6%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Receipts (Series 25 W)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Recourse (Rutherford County</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Health and Educational</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Facilities Board, Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Ascension Health Senior</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Credit Group))</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11/15/40</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11,144,700</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>JPMorgan Chase Putters/Drivers</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Trust (Series 4416)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Non-recourse (Metropolitan</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Government of Nashville and</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Davidson County, Water and</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Sewer Revenue)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7/1/21</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,765,300</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: right"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>The Fund </FONT><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>19</FONT></B></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>STATEMENT OF INVESTMENTS (Unaudited) </FONT><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">(continued)</FONT></I></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="39%"></TD>

   <TD width="12%"></TD>

   <TD width="13%"></TD>

   <TD width="14%"></TD>

   <TD width="4%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Principal</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.562pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Amount ($)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Tennessee (continued)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Metropolitan Government of</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Nashville and Davidson County</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Health and Educational</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Facilities Board, Revenue (The</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Vanderbilt University)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.50</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10/1/34</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>a</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8,173,340</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Texas&#8212;13.8%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Receipts (Series 28 W)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Recourse (Leander Independent</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>School District, Unlimited Tax</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>School Building Bonds</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Permanent School Fund</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Guarantee Program))</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8/15/40</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8,507,701</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>a,c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>9,695,952</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Clifton Higher Education Finance</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Corporation, Education Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Uplift Education)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12/1/30</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>a</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,899,775</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Clifton Higher Education Finance</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Corporation, Education Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Uplift Education)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4.50</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12/1/44</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,500,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>a</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,511,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Dallas Area Rapid Transit,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Senior Lien Sales Tax Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.25</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12/1/48</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11,184,900</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Harris County Health Facilities</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Development Corporation, HR</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Memorial Hermann Healthcare</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>System) (Prerefunded)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7.25</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>f</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,445,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Harris County-Houston Sports</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Authority, Senior Lien Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Insured; Assured Guaranty</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Municipal Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>0.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11/15/50</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6,500,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>e</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,238,055</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Houston,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Combined Utility System First</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Lien Revenue (Insured; Assured</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Guaranty Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11/15/36</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,967,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>JPMorgan Chase Putters/Drivers</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Trust (Series 4356)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Non-recourse (San</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Antonio, Electric and</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Gas Systems Junior</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Lien Revenue)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2/1/21</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>16,750,000</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>18,898,020</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>20</FONT></B></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
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<TR>

   <TD width="39%"></TD>

   <TD width="13%"></TD>

   <TD width="12%"></TD>

   <TD width="14%"></TD>

   <TD width="4%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Principal</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.562pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=center><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Amount ($)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Texas (continued)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>North Texas Tollway Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>First Tier System Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Insured; Assured</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Guaranty Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.75</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10,300,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11,540,017</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>North Texas Tollway Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Second Tier System</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.75</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1/1/38</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,500,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6,075,465</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Texas Department of Housing</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>and Community Affairs,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Home Mortgage Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Collateralized: FHLMC,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>FNMA and GNMA)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>13.41</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7/2/24</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>300,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>h</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>317,502</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Texas Transportation Commission,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Central Texas Turnpike</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>System Second Tier</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8/15/42</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,306,390</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Vermont&#8212;.3%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Burlington,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Airport Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3.50</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,605,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,628,128</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Virginia&#8212;2.6%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Receipts (Series 17 W)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Recourse (Virginia Small</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Business Financing</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Authority, Health Care</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Facilities Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Sentara Healthcare))</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11,308,600</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Chesterfield County Economic</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Development Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Retirement Facilities First</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Mortgage Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Brandermill Woods</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.13</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1/1/43</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,000,000</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,103,920</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Washington&#8212;4.8%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Receipts (Series 27 B)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Recourse (King County, Sewer</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1/1/29</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,998,716</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4,648,776</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: right"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>The Fund </FONT><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>21</FONT></B></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_26"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>STATEMENT OF INVESTMENTS (Unaudited) </FONT><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">(continued)</FONT></I></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="38%"></TD>

   <TD width="11%"></TD>

   <TD width="12%"></TD>

   <TD width="18%"></TD>

   <TD width="4%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Principal</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.562pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Amount ($)</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Value ($)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Washington (continued)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Barclays Capital Municipal Trust</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Receipts (Series 66 W)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Recourse (King County, Limited</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Tax GO (Payable from Sewer</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenues))</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.13</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1/1/33</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10,000,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>c,d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11,472,500</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Washington Health Care Facilities</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Authority, Mortgage Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Highline Medical Center)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Collateralized; FHA)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Prerefunded)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.25</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8/1/18</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5,975,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>f</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6,981,788</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Washington Higher Education</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Facilities Authority, Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Seattle University Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Insured; AMBAC)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.25</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>11/1/37</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,000,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>a</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,278,370</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>West Virginia&#8212;.3%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>The County Commission of Harrison</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>County, SWDR (Allegheny Energy</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Supply Company, LLC Harrison</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Station Project)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.50</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10/15/37</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,750,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,857,923</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Wyoming&#8212;1.0%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Wyoming Municipal Power Agency,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Power Supply System Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.50</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1/1/33</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,360,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,606,596</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Wyoming Municipal Power Agency,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Power Supply System Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.38</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1/1/42</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,750,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,024,230</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>U.S. Related&#8212;1.6%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Guam,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>LOR (Section 30)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.75</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12/1/34</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,000,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,217,520</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Guam Housing Corporation,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>SFMR (Guaranteed</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Mortgage-Backed Securities</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Program) (Collateralized;</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>FHLMC)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.75</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>9/1/31</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>965,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,064,106</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Guam Waterworks Authority,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Water and Wastewater System</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.63</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7/1/40</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,000,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,233,600</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>22</FONT></B></P></DIV>

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<TR>

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   <TD width="11%"></TD>

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   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Long-Term Municipal</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Coupon</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Maturity</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Principal</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.562pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=Interstate-Bold,Arial,Helvetica,sans-serif>Investments (continued)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=center><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Rate (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Date</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=center><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Amount ($)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Value ($)</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>U.S. Related (continued)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Puerto Rico Commonwealth,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Public Improvement GO</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(Insured; Assured Guaranty</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Municipal Corp.)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7/1/35</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,500,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3,501,190</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 colSpan=2 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Total Investments </FONT></B><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(cost $742,690,515)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>150.2</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>827,475,069</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Liabilities, Less Cash and Receivables</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>(24.3</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>%)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>(134,041,850</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Preferred Stock, at redemption value</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>(25.9</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>%)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>(142,500,000</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 colSpan=2 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Net Assets Applicable to Common Shareholders</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>100.0</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>%</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>550,933,219</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="99%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">a At March 31, 2015, the fund had $158,086,250 or 28.7% of net assets applicable to Common Shareholders</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">invested in securities whose payment of principal and interest is dependent upon revenues generated from education.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">b Zero coupon until a specified date at which time the stated coupon rate becomes effective until maturity.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">c Collateral for floating rate borrowings.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">d Securities exempt from registration pursuant to Rule 144A under the Securities Act of 1933.These securities may be</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">resold in transactions exempt from registration, normally to qualified institutional buyers.At March 31, 2015, these</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">securities were valued at $352,041,178 or 63.9% of net assets applicable to Common Shareholders.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">e Security issued with a zero coupon. Income is recognized through the accretion of discount.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">f These securities are prerefunded; the date shown represents the prerefunded date. Bonds which are prerefunded are</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">collateralized by U.S. Government securities which are held in escrow and are used to pay principal and interest on</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">the municipal issue and to retire the bonds in full at the earliest refunding date.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">g Non-income producing&#8212;security in default.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">h Inverse floater security&#8212;the interest rate is subject to change periodically. Rate shown is the interest rate in effect at</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 10pt" align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">March 31, 2015.</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="31%"></TD>

   <TD width="18%"></TD>

   <TD width="31%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 colSpan=2 align=left><FONT color=#141414 size=2 face=Interstate-Light,Arial,Helvetica,sans-serif>Portfolio Summary (Unaudited)</FONT><SUP><FONT color=#141414 size=2 face=Interstate-Light,Arial,Helvetica,sans-serif>&#8224;</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR>

   <TD bgColor=#e8e8e8 colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=center><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Value (%)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Value (%)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Education</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=center><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>28.7</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Pollution Control</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2.4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Special Tax</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=center><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>19.2</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>City</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1.4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Utility-Electric</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=center><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>19.2</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Resource Recovery</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1.4</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Utility-Water and Sewer</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=center><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>18.2</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Asset-Backed</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Health Care</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=center><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>15.0</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>County</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.7</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Transportation Services</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=center><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>13.6</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Housing</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.6</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>State/Territory</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=center><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.2</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Other</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>15.1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Industrial</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=center><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4.3</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Prerefunded</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=center><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3.4</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>150.2</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="3%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">&#8224;</FONT></I>&nbsp;</TD>

   <TD align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">Based on net assets applicable to Common Shareholders.</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: right"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>The Fund </FONT><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>23</FONT></B></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_28"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>STATEMENT OF INVESTMENTS (Unaudited) </FONT><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">(continued)</FONT></I></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="11%"></TD>

   <TD width="37%"></TD>

   <TD width="14%"></TD>

   <TD width="36%"></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 colSpan=2 align=left><FONT color=#141414 size=2 face=Interstate-Light,Arial,Helvetica,sans-serif>Summary of Abbreviations</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR>

   <TD bgColor=#e8e8e8 colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>ABAG</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.075pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Association of Bay Area</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>ACA</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>American Capital Access</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.577pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Governments</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>AGC</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.077pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>ACE Guaranty Corporation</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>AGIC</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Asset Guaranty Insurance Company</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>AMBAC</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.076pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>American Municipal Bond</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>ARRN</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.003pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Adjustable Rate</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.577pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Assurance Corporation</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.392pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Receipt Notes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>BAN</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.078pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Bond Anticipation Notes</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>BPA</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.003pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Bond Purchase Agreement</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>CIFG</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.076pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>CDC Ixis Financial Guaranty</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>COP</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Certificate of Participation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>CP</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.077pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Commercial Paper</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>DRIVERS</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.003pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Derivative Inverse</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.002pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Tax-Exempt Receipts</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>EDR</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.076pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Economic Development</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>EIR</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Environmental Improvement</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.573pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.096pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Revenue</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>FGIC</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Financial Guaranty</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>FHA</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Federal Housing</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.577pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Insurance Company</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.002pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Administration</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>FHLB</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.077pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Federal Home</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>FHLMC</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Federal Home Loan Mortgage</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.577pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Loan Bank</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.001pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Corporation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>FNMA</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.078pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Federal National</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>GAN</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Grant Anticipation Notes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.578pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Mortgage Association</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.002pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>GIC</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.077pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Guaranteed Investment</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>GNMA</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.004pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Government National Mortgage</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.579pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Contract</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.004pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Association</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>GO</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.079pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>General Obligation</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.003pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>HR</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.003pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Hospital Revenue</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>IDB</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.079pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Industrial Development Board</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.003pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>IDC</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.003pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Industrial Development Corporation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>IDR</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.079pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Industrial Development</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>LIFERS</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.003pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Long Inverse Floating</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.579pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.104pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Exempt Receipts</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.003pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>LOC</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.079pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Letter of Credit</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.003pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>LOR</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.005pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Limited Obligation Revenue</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.004pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>LR</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.003pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Lease Revenue</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.004pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>MERLOTS</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.006pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Municipal Exempt Receipts</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 8.929pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Liquidity Option Tender</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.005pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>MFHR</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.081pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Multi-Family Housing Revenue</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>MFMR</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Multi-Family Mortgage Revenue</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>PCR</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.077pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Pollution Control Revenue</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 colSpan=2 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>P-FLOATS </FONT></B><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Puttable Floating Option</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>PILOT</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.076pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Payment in Lieu of Taxes</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 8.999pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Tax-Exempt Receipts</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>PUTTERS</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Puttable Tax-Exempt Receipts</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>RAC</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.077pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Revenue Anticipation Certificates</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>RAN</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Revenue Anticipation Notes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>RAW</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.077pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Revenue Anticipation Warrants</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>RIB</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.003pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Residual Interest Bonds</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>ROCS</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.077pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Reset Options Certificates</FONT>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>RRR</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Resources Recovery Revenue</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>SAAN</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.075pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>State Aid Anticipation Notes</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>SBPA</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Standby Bond Purchase Agreement</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>SFHR</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.076pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Single Family Housing Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>SFMR</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Single Family Mortgage Revenue</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>SONYMA</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.076pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>State of New York</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>SPEARS</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Short Puttable Exempt</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.576pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Mortgage Agency</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 9.272pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Adjustable Receipts</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>SWDR</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.075pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Solid Waste Disposal Revenue</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>TAN</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Tax Anticipation Notes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>TAW</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.076pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Tax Anticipation Warrants</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>TRAN</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.002pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Tax and Revenue Anticipation Notes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>XLCA</FONT></B>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0.076pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>XL Capital Assurance</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.001pt" colSpan=2 align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">See notes to financial statements.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>24</FONT></B></P></DIV>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#141414 size=3 face=Interstate-Light,Arial,Helvetica,sans-serif>STATEMENT OF ASSETS AND LIABILITIES</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>March 31, 2015 (Unaudited)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="61%"></TD>

   <TD width="18%"></TD>

   <TD width="15%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 25.604pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Cost</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Value</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Assets ($):</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Investments in securities&#8212;See Statement of Investments</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>742,690,515</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>827,475,069</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Cash</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>95,743</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Interest receivable</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12,739,884</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Prepaid expenses</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>52,998</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>840,363,694</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Liabilities ($):</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Due to The Dreyfus Corporation and affiliates&#8212;Note 2(b)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>395,475</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Payable for floating rate notes issued&#8212;Note 3</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>146,129,397</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Interest and expense payable related to floating</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.116pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>rate notes issued&#8212;Note 3</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>233,700</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Commissions payable&#8212;Note 1</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>44,144</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Dividends payable to Preferred Shareholders</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,509</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Accrued expenses</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>126,250</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>146,930,475</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Auction Preferred Stock, </FONT></B><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Series M,T,W,Th and F, par value</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>$.001 per share (5,700 shares issued and outstanding at</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.116pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>$25,000 per share liquidation value)&#8212;Note 1</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>142,500,000</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Net Assets applicable to Common Shareholders ($)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>550,933,219</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Composition of Net Assets ($):</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Common Stock, par value, $.001 per share</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.116pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(61,849,399 shares issued and outstanding)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>61,849</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Paid-in capital</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>536,102,112</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Accumulated undistributed investment income&#8212;net</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,317,445</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Accumulated net realized gain (loss) on investments</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(71,332,741</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 colSpan=2 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Accumulated net unrealized appreciation (depreciation) on investments</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>84,784,554</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Net Assets applicable to Common Shareholders ($)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>550,933,219</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Shares Outstanding</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(500 million shares authorized)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>61,849,399</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Net Asset Value, </FONT></B><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>per share Common Stock ($)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>8.91</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">See notes to financial statements.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: right"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>The Fund </FONT><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>25</FONT></B></P></DIV>

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   <TD align=left><FONT color=#141414 size=3 face=Interstate-Light,Arial,Helvetica,sans-serif>STATEMENT OF OPERATIONS</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Six Months Ended March 31, 2015 (Unaudited)</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="80%"></TD>

   <TD width="15%"></TD>

   <TD width="4%"></TD></TR>

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   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Investment Income ($):</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Interest Income</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>19,506,955</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Expenses:</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Management fee&#8212;Note 2(a)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>2,583,759</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Interest and expense related to floating rate notes issued&#8212;Note 3</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>414,382</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Commission fees&#8212;Note 1</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>126,187</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Professional fees</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>65,613</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Shareholders&#8217; reports</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>39,199</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Shareholder servicing costs</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>34,954</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Registration fees</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>28,108</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Directors&#8217; fees and expenses&#8212;Note 2(c)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>27,925</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Custodian fees&#8212;Note 2(b)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>25,494</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Miscellaneous</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>25,135</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Total Expenses</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>3,370,756</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Less&#8212;reduction in expenses due to undertaking&#8212;Note 2(a)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(344,501</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Net Expenses</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>3,026,255</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Investment Income&#8212;Net</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>16,480,700</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=2 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Realized and Unrealized Gain (Loss) on Investments&#8212;Note 3 ($):</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Net realized gain (loss) on investments</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,006,761</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Net unrealized appreciation (depreciation) on investments</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8,120,367</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Net Realized and Unrealized Gain (Loss) on Investments</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>9,127,128</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Dividends to Preferred Shareholders</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>(77,215</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Net Increase in Net Assets Applicable to Common</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Shareholders Resulting from Operations</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>25,530,613</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">See notes to financial statements.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>26</FONT></B></P></DIV>

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<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#141414 size=3 face=Interstate-Light,Arial,Helvetica,sans-serif>STATEMENT OF CASH FLOWS</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Six Months Ended March 31, 2015 (Unaudited)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="62%"></TD>

   <TD width="14%"></TD>

   <TD width="3%"></TD>

   <TD width="14%"></TD>

   <TD width="3%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Cash Flows from Operating Activities ($):</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Interest received</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>20,236,548</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Operating expenses paid</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(2,625,743</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Dividends paid to Preferred Shareholders</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(77,395</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Purchases of portfolio securities</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(27,013,369</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Net sales of short-term portfolio securities</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,000,000</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Proceeds from sales of portfolio securities</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>26,957,421</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Net Cash Provided by Operating Activities</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>18,477,462</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Cash Flows from Financing Activities ($):</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Dividends paid to Common Shareholders</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(16,699,336</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Interest and expense related to floating rate notes issued paid</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(511,700</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Net Cash Used in Financing Activities</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>(17,211,036</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Increase in cash</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,266,426</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Cash overdraft at beginning of period</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(1,170,683</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Cash at end of period</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>95,743</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Reconciliation of Net Increase in Net Assets Applicable to</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Common Shareholders Resulting from Operations to</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Net Cash Provided by Operating Activities ($):</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Net Increase in Net Assets Applicable to Common</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.116pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Shareholders Resulting From Operations</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>25,530,613</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Adjustments to reconcile net increase in net assets applicable</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>to common shareholders resulting from operations to</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>net cash provided by operating activities ($):</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Increase in investments in securities, at cost</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(62,710</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Increase in interest receivable</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(8,408</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Increase in commissions payable and accrued expenses</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>9,221</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Increase in prepaid expenses</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(33,272</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Increase in Due to The Dreyfus Corporation and affiliates</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10,182</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Decrease in dividends payable to Preferred Shareholders</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(180</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Interest and expense related to floating rate notes issued</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>414,382</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Net unrealized appreciation on investments</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(8,120,367</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Net amortization of premiums on investments</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>738,001</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Net Cash Provided by Operating Activities</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>18,477,462</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR>

   <TD colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">See notes to financial statements.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: right"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>The Fund </FONT><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>27</FONT></B></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_32"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=3 face=Interstate-Light,Arial,Helvetica,sans-serif>STATEMENT OF CHANGES IN NET ASSETS</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="47%"></TD>

   <TD width="22%"></TD>

   <TD width="4%"></TD>

   <TD width="21%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Six Months Ended</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>March 31, 2015</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Year Ended</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>(Unaudited)</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>September 30, 2014</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Operations ($):</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Investment income&#8212;net</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>16,480,700</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>33,744,559</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Net realized gain (loss) on investments</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,006,761</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(15,966,453</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Net unrealized appreciation</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.116pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(depreciation) on investments</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8,120,367</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>61,556,452</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Dividends to Preferred Shareholders</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(77,215</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(172,596</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Net Increase (Decrease) in Net Assets</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Applicable to Common Shareholders</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Resulting from Operations</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>25,530,613</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>79,161,962</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Dividends to Common Shareholders from ($)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Investment income&#8212;net</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>(16,699,336</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>)</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>(36,367,445</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Total Increase (Decrease) in Net Assets</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Applicable to Common Shareholders</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>8,831,277</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>42,794,517</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Net Assets Applicable to</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Common Shareholders ($):</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Beginning of Period</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>542,101,942</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>499,307,425</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>End of Period</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>550,933,219</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>542,101,942</FONT></B></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Undistributed investment income&#8212;net</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,317,445</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1,613,296</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0.013pt" align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">See notes to financial statements.</FONT></I>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>28</FONT></B></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_33"></A><BR>

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<P style="TEXT-ALIGN: left"><FONT color=#141414 size=3 face=Interstate-Light,Arial,Helvetica,sans-serif>FINANCIAL HIGHLIGHTS</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The following table describes the performance for the fiscal periods indicated.Total return shows how much your investment in the fund would have increased (or decreased) during each period, assuming you had reinvested all dividends and dis-tributions.These figures have been derived from the fund&#8217;s financial statements and, with respect to common stock, market price data for the fund&#8217;s common shares.</FONT></P>

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   <TD bgColor=#e8e8e8 colSpan=2 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Six Months Ended</FONT></TD>

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   <TD bgColor=#e8e8e8 colSpan=2 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>March 31, 2015</FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 colSpan=5 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Year Ended September 30,</FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>(Unaudited)</FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>2014</FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>2013</FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>2012</FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>2011</FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>2010</FONT></TD>

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   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Per Share Data ($):</FONT></B>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Net asset value,</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 8.116pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>beginning of period</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8.76</FONT></TD>

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   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8.07</FONT></TD>

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   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>9.31</FONT></TD>

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   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8.41</FONT></TD>

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   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8.65</FONT></TD>

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   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8.47</FONT></TD>

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   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Investment Operations:</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 0.001pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Investment income&#8212;net </FONT><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>a</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.27</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.55</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.54</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.58</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.60</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.62</FONT></TD>

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   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Net realized and unrealized</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 8.116pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>gain (loss) on investments</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.15</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.73</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(1.18</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.92</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(.24</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.15</FONT></TD>

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   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Dividends to Preferred</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 8.116pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Shareholders from</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 8.116pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>investment income&#8212;net</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(.00</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>b</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(.00</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>b</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(.01</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(.01</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(.01</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(.02</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Total from Investment Operations</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.42</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1.28</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(.65</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1.49</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.35</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.75</FONT></TD>

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   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Distributions to</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 8.116pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Common Shareholders:</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Dividends from</FONT>&nbsp;</TD>

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   <TD style="TEXT-INDENT: 8.116pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>investment income&#8212;net</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(.27</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(.59</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(.59</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(.59</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(.59</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(.57</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Net asset value, end of period</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8.91</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8.76</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8.07</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>9.31</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8.41</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8.65</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Market value, end of period</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8.39</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8.38</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8.00</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>10.02</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>8.50</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>9.02</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Total Return (%) </FONT></B><B><SUP><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>c</FONT></SUP></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3.41</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>12.61</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(14.65</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>25.98</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1.32</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>22.13</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: right"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>The Fund </FONT><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>29</FONT></B></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
<!--$$/page=--><A name="page_34"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>FINANCIAL HIGHLIGHTS </FONT><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">(continued)</FONT></I></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="33%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="9%"></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 colSpan=2 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Six Months Ended</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 colSpan=2 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>March 31, 2015</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 colSpan=3 align=center><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Year Ended September 30,</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 colSpan=2 align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>(Unaudited)</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>2014</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>2013</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>2012</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>2011</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>2010</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Ratios/Supplemental Data (%):</FONT></B>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Ratio of total expenses to</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.116pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>average net assets applicable</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.116pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>to Common Stock </FONT><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>e</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1.23</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>f</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1.30</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1.30</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1.30</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1.40</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1.40</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Ratio of net expenses to average</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.116pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>net assets applicable to</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.116pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Common Stock </FONT><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>e</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1.11</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>f</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1.17</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1.16</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1.16</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1.26</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1.24</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Ratio of interest and expense</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.116pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>related to floating rate notes</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.116pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>issued to average net assets</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.116pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>applicable to Common Stock </FONT><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>e</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.15</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>f</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.18</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.11</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.10</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.10</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.05</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Ratio of net investment income</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.116pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>to average net assets applicable</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.116pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>to Common Stock </FONT><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>e</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.03</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>f</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.50</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.01</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>6.59</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7.51</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>7.43</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Ratio of total expenses</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.116pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>to total average net assets</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.98</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>f</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>1.00</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.94</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.94</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.96</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.92</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Ratio of net expenses</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.116pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>to total average net assets</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.88</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>f</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.90</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.84</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.84</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.86</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.82</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 colSpan=2 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Ratio of interest and expense related</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.116pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>to floating rate notes issued</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.116pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>to total average net assets</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.12</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>f</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.14</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.08</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.07</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.07</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>.03</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Ratio of net investment income</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.116pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>to total average net assets</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4.78</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>f</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.02</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4.35</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4.73</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>5.18</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>4.89</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Portfolio Turnover Rate</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>3.96</FONT></TD>

   <TD bgColor=#e8e8e8 align=left><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>d</FONT></SUP>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>14.37</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>25.01</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>19.16</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>17.81</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>24.41</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Asset coverage of Preferred Stock,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.116pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>end of period</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>487</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>480</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>372</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>368</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>341</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>324</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Net Assets, applicable</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.117pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>to Common Shareholders,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.117pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>end of period ($ x 1,000)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>550,933</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>542,102</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>499,307</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>573,909</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>515,399</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>528,607</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Preferred Stock outstanding,</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.117pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>end of period ($ x 1,000)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>142,500</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>142,500</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>183,250</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>213,750</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>213,750</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>235,750</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Floating Rate Notes</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 8.117pt" bgColor=#e8e8e8 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Outstanding ($ x 1,000)</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>146,129</FONT></TD>

   <TD bgColor=#e8e8e8 align=left>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>146,129</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>129,259</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>74,886</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>74,886</FONT>&nbsp;</TD>

   <TD bgColor=#e8e8e8 align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>49,415</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="3%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">a</FONT></I>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">Based on average common shares outstanding.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">b</FONT></I>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">Amount represents less than $.01 per share.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">c</FONT></I>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">Calculated based on market value.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">d</FONT></I>&nbsp;</TD>

   <TD align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">Not annualized.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">e</FONT></I>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">Does not reflect the effect of dividends to Preferred Shareholders.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">f</FONT></I>&nbsp;</TD>

   <TD align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">Annualized.</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">See notes to financial statements.</FONT></I></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>30</FONT></B></P></DIV>

<HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</div>
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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=3 face=Interstate-Light,Arial,Helvetica,sans-serif>NOTES TO FINANCIAL STATEMENTS </FONT><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>(Unaudited)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face=Interstate-Regular,Arial,Helvetica,sans-serif>NOTE 1&#8212;Significant Accounting Policies:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Dreyfus Strategic Municipals, Inc. (the &#8220;fund&#8221;) is registered under the Investment Company Act of 1940, as amended (the &#8220;Act&#8221;), as a diversified closed-end management investment company. The fund&#8217;s investment objective is to maximize current income exempt from federal income tax to the extent consistent with the preservation of capital. The Dreyfus Corporation (the &#8220;Manager&#8221; or &#8220;Dreyfus&#8221;), a wholly-owned subsidiary of The Bank of New York Mellon Corporation (&#8220;BNY Mellon&#8221;), serves as the fund&#8217;s investment adviser. The fund&#8217;s Common Stock trades on the New York Stock Exchange (the &#8220;NYSE&#8221;) under the ticker symbol LEO.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The fund has outstanding 1,140 shares each of Series M, Series T, Series W, Series TH and Series F for a total of 5,700 shares, of Auction Preferred Stock (&#8220;APS&#8221;), with a liquidation preference of $25,000 per share (plus an amount equal to accumulated but unpaid dividends upon liquidation). APS dividend rates are determined pursuant to periodic auctions or by reference to a market rate. Deutsche Bank Trust Company America, as Auction Agent, receives a fee from the fund for its services in connection with such auctions. The fund also compensates broker-dealers generally at an annual rate of .15%-.25% of the purchase price of the shares of APS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The fund is subject to certain restrictions relating to the APS. Failure to comply with these restrictions could preclude the fund from declaring any distributions to shareholders of Common Stock (&#8220;Common Shareholders&#8221;) or repurchasing common shares and/or could trigger the mandatory redemption of APS at liquidation value.Thus, redemptions of APS may be deemed to be outside of the control of the fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The holders of the APS, voting as a separate class, have the right to elect at least two directors.The holders of the APS will vote as a separate class on certain other matters, as required by law. The fund&#8217;s Board of Directors (the &#8220;Board&#8221;) has designated Robin A. Melvin and John E. Zuccotti as directors to be elected by the holders of APS.</FONT></P>

<P style="TEXT-ALIGN: right"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>The Fund </FONT><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>31</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>NOTES TO FINANCIAL STATEMENTS (Unaudited) </FONT><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">(continued)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;) is the exclusive reference of authoritative U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the Securities and Exchange Commission (&#8220;SEC&#8221;) under authority of federal laws are also sources of authoritative GAAP for SEC registrants.The fund&#8217;s financial statements are prepared in accordance with GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The fund enters into contracts that contain a variety of indemnifications. The fund&#8217;s maximum exposure under these arrangements is unknown.The fund does not anticipate recognizing any loss related to these arrangements.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=2 face="Bembo-Semibold,Times New Roman,Times,serif">(a) Portfolio valuation: </FONT></B><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs of valuation techniques used to measure fair value. This hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Additionally, GAAP provides guidance on determining whether the volume and activity in a market has decreased significantly and whether such a decrease in activity results in transactions that are not orderly. GAAP requires enhanced disclosures around valuation inputs and techniques used during annual and interim periods.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Various inputs are used in determining the value of the fund&#8217;s investments relating to fair value measurements. These inputs are summarized in the three broad levels listed below:</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>32</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=2 face="Bembo-Semibold,Times New Roman,Times,serif">Level 1</FONT></B><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">&#8212;unadjusted quoted prices in active markets for identical investments.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=2 face="Bembo-Semibold,Times New Roman,Times,serif">Level 2</FONT></B><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">&#8212;other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.).</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=2 face="Bembo-Semibold,Times New Roman,Times,serif">Level 3</FONT></B><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">&#8212;significant unobservable inputs (including the fund&#8217;s own assumptions in determining the fair value of investments).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the fund&#8217;s investments are as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Investments in securities are valued each business day by an independent pricing service (the &#8220;Service&#8221;) approved by the Board. Investments for which quoted bid prices are readily available and are representative of the bid side of the market in the judgment of the Service are valued at the mean between the quoted bid prices (as obtained by the Service from dealers in such securities) and asked prices (as calculated by the Service based upon its evaluation of the market for such securities). Other investments (which constitute a majority of the portfolio securities) are carried at fair value as determined by the Service, based on methods which include consideration of the following: yields or prices of municipal securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market conditions. All of the preceding securities are generally categorized within Level 2 of the fair value hierarchy.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The Service&#8217;s procedures are reviewed by Dreyfus under the general supervision of the Board.</FONT></P>

<P style="TEXT-ALIGN: right"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>The Fund </FONT><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>33</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>NOTES TO FINANCIAL STATEMENTS (Unaudited) </FONT><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">(continued)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">When market quotations or official closing prices are not readily available, or are determined not to reflect accurately fair value, such as when the value of a security has been significantly affected by events after the close of the exchange or market on which the security is principally traded, but before the fund calculates its net asset value, the fund may value these investments at fair value as determined in accordance with the procedures approved by the Board. Certain factors may be considered when fair valuing investments such as: fundamental analytical data, the nature and duration of restrictions on disposition, an evaluation of the forces that influence the market in which the securities are purchased and sold, and public trading in similar securities of the issuer or comparable issuers.These securities are either categorized within Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">For restricted securities where observable inputs are limited, assumptions about market activity and risk are used and are generally categorized within Level 3 of the fair value hierarchy.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The following is a summary of the inputs used as of March 31, 2015 in valuing the fund&#8217;s investments:</FONT></P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="24%"></TD>

   <TD width="13%"></TD>

   <TD width="18%"></TD>

   <TD width="4%"></TD>

   <TD width="15%"></TD>

   <TD width="18%"></TD>

   <TD width="4%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Level 2&#8212;Other</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Level 3&#8212;</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Level 1&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Significant</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Significant</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Unadjusted</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Observable</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Unobservable</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=2 align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Quoted Prices</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Inputs</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Inputs</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>Total</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Assets ($)</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 0pt" colSpan=2 align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Investments in Securities:</FONT>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 0pt" align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Municipal Bonds</FONT><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>&#8224;</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>827,475,069</FONT></TD>

   <TD align=left>&nbsp;</TD>

   <TD align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>827,475,069</FONT></B></TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>Liabilities ($)</FONT></B>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD>

   <TD align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>Floating Rate Notes</FONT><SUP><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>&#8224;&#8224;</FONT></SUP>&nbsp;</TD>

   <TD align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>(146,129,397</FONT></TD>

   <TD align=left><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>)</FONT>&nbsp;</TD>

   <TD align=right><FONT color=#141414 size=1 face=InterstateLight-NonKern,Arial,Helvetica,sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD align=right><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>(146,129,397</FONT></B></TD>

   <TD align=left><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE border=0 cellSpacing=0>



<TR>

   <TD width="2%"></TD>

   <TD width="97%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">&#8224;</FONT></I>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">See Statement of Investments for additional detailed categorizations.</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left><I><SUP><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">&#8224;&#8224;</FONT></SUP></I>&nbsp;</TD>

   <TD style="TEXT-INDENT: 0pt" align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">Certain of the fund&#8217;s liabilities are held at carrying amount, which approximates fair value for</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left>&nbsp;</TD>

   <TD align=left><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">financial reporting purposes.</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">At March 31, 2015, there were no transfers between Level 1 and Level 2 of the fair value hierarchy.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>34</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=2 face="Bembo-Semibold,Times New Roman,Times,serif">(b) Securities transactions and investment income: </FONT></B><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Securities transactions are recorded on a trade date basis. Realized gains and losses from securities transactions are recorded on the identified cost basis. Interest income, adjusted for accretion of discount and amortization of premium on investments, is earned from settlement date and recognized on the accrual basis. Securities purchased or sold on a when issued or delayed delivery basis may be settled a month or more after the trade date.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=2 face="Bembo-Semibold,Times New Roman,Times,serif">(c) Dividends to Common Shareholders: </FONT></B><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Dividends are recorded on the ex-dividend date. Dividends from investment income-net are normally declared and paid monthly. Dividends from net realized capital gains, if any, are normally declared and paid annually, but the fund may make distributions on a more frequent basis to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;).To the extent that net realized capital gains can be offset by capital loss carryovers, it is the policy of the fund not to distribute such gains. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">For Common Shareholders who elect to receive their distributions in additional shares of the fund, unless such Common Shareholder elects to receive cash as provided below, such distributions will be reinvested at the lower of the market price or net asset value per share (but not less than 95% of the market price). If market price is equal to or exceeds net asset value, shares will be issued at net asset value. If net asset value exceeds market price, Computershare Inc., the transfer agent for the fund&#8217;s Common Stock, will buy fund shares in the open market and reinvest those shares accordingly.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">On March 30, 2015, the Board declared a cash dividend of $.043 per share from investment income-net, payable on April 30, 2015 to Common Shareholders of record as of the close of business on April 15, 2015.</FONT></P>

<P style="TEXT-ALIGN: right"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>The Fund </FONT><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>35</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>NOTES TO FINANCIAL STATEMENTS (Unaudited) </FONT><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">(continued)</FONT></I></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=2 face="Bembo-Semibold,Times New Roman,Times,serif">(d) Dividends to shareholders of APS: </FONT></B><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Dividends, which are cumulative, are generally reset every 7 days for each Series of APS pursuant to a process specified in related fund charter documents. Dividend rates, as of March 31, 2015, for each Series of APS were as follows: Series M-0.099%, Series T-0.088%, Series W-0.099%, Series TH-0.099% and Series F-0.099%.These rates reflect the &#8220;maximum rates&#8221; under the governing instruments as a result of &#8220;failed auctions&#8221; in which sufficient clearing bids are not received. The average dividend rates for the period ended March 31, 2015 for each Series of APS were as follows: Series M-0.11%, Series T-0.11%, Series W-0.11%, Series TH-0.11% and Series F-0.11%.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=2 face="Bembo-Semibold,Times New Roman,Times,serif">(e) Federal income taxes: </FONT></B><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">It is the policy of the fund to continue to qualify as a regulated investment company, which can distribute tax-exempt dividends, by complying with the applicable provisions of the Code, and to make distributions of income and net realized capital gain sufficient to relieve it from substantially all federal income and excise taxes.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">As of and during the period ended March 31, 2015, the fund did not have any liabilities for any uncertain tax positions.The fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of Operations. During the period ended March 31, 2015, the fund did not incur any interest or penalties.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Each tax year in the three-year period ended September 30, 2014 remains subject to examination by the Internal Revenue Service and state taxing authorities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Under the Regulated Investment Company Modernization Act of 2010 (the &#8220;2010 Act&#8221;), the fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 (&#8220;post-enactment losses&#8221;) for an unlimited period. Furthermore, post-enactment capital loss carryovers retain their character as either short-term or long-term capital losses rather than short-term as they were under previous statute.The 2010 Act requires post-enactment losses to</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>36</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">be utilized before the utilization of losses incurred in taxable years prior to the effective date of the 2010 Act (&#8220;pre-enactment losses&#8221;).As a result of this ordering rule, pre-enactment losses may be more likely to expire unused.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The fund has an unused capital loss carryover of $72,852,725 available for federal income tax purposes to be applied against future net realized capital gains, if any, realized subsequent to September 30, 2014. If not applied, $264,789 of the carryover expires in fiscal year 2016, $9,875,465 expires in fiscal year 2017, $32,540,019 expires in fiscal year 2018 and $6,369,224 expires in fiscal year 2019. The fund has $4,611,144 of post-enactment short-term capital losses and $19,192,084 of post-enactment long-term capital losses which can be carried forward for an unlimited period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The tax character of distributions paid to shareholders during the fiscal year ended September 30, 2014 was as follows: tax-exempt income $36,480,377 and ordinary income $59,664.The tax character of current year distributions will be determined at the end of the current fiscal year.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face=Interstate-Regular,Arial,Helvetica,sans-serif>NOTE 2&#8212;Management Fee and Other Transactions with Affiliates:</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=2 face="Bembo-Semibold,Times New Roman,Times,serif">(a) </FONT></B><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Pursuant to a management agreement (the &#8220;Agreement&#8221;) with Dreyfus, the management fee is computed at the annual rate of .75% of the value of the fund&#8217;s average weekly net assets, inclusive of the outstanding APS, and is payable monthly.The Agreement provides for an expense reimbursement from Dreyfus should the fund&#8217;s aggregate expenses (excluding taxes, interest on borrowings, brokerage fees and extraordinary expenses) in any full fiscal year exceed the lesser of (1) the expense limitation of any state having jurisdiction over the fund or (2) 2% of the first $10 million, 1</FONT><FONT color=#141414 size=1 face="Bembo,Times New Roman,Times,serif"><SUP> 1 </SUP>/<SUB> 2 </SUB></FONT><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">% of the next $20 million and 1% of the excess over $30 million of the average weekly value of the fund&#8217;s net assets. Dreyfus has currently undertaken, from October 1, 2014 through May 31, 2015, to waive receipt of a portion of the fund&#8217;s</FONT></P>

<P style="TEXT-ALIGN: right"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>The Fund </FONT><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>37</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>NOTES TO FINANCIAL STATEMENTS (Unaudited) </FONT><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">(continued)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">management fee, in the amount of .10% of the value of the fund&#8217;s average weekly net assets (including net assets representing APS outstanding). The reduction in expenses, pursuant to the undertaking, amounted to $344,501 during the period ended March 31, 2015.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=2 face="Bembo-Semibold,Times New Roman,Times,serif">(b) </FONT></B><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The fund compensates The Bank of New York Mellon, a subsidiary of BNY Mellon and an affiliate of Dreyfus, under a custody agreement for providing custodial services for the fund.These fees are determined based on net assets and transaction activity. During the period ended March 31, 2015, the fund was charged $25,494 pursuant to the custody agreement.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The fund has an arrangement with the custodian whereby the fund may receive earnings credits when positive cash balances are maintained, which are used to offset custody fees. For financial reporting purposes, the fund includes net earnings credits as an expense offset in the Statement of Operations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">During the period ended March 31, 2015, the fund was charged $3,394 for services performed by the Chief Compliance Officer and his staff.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The components of &#8220;Due to The Dreyfus Corporation and affiliates&#8221; in the Statement of Assets and Liabilities consist of: management fees $440,140, custodian fees $12,300 and Chief Compliance Officer fees $1,720, which are offset against an expense reimbursement currently in effect in the amount of $58,685.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=2 face="Bembo-Semibold,Times New Roman,Times,serif">(c) </FONT></B><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Each Board member also serves as a Board member of other funds within the Dreyfus complex. Annual retainer fees and attendance fees are allocated to each fund based on net assets.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face=Interstate-Regular,Arial,Helvetica,sans-serif>NOTE 3&#8212;Securities Transactions:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The aggregate amount of purchases and sales of investment securities, excluding short-term securities, during the period ended March 31, 2015, amounted to $27,013,369 and $26,957,421, respectively.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>38</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=2 face="Bembo-Semibold,Times New Roman,Times,serif">Inverse Floater Securities: </FONT></B><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The fund participates in secondary inverse floater structures in which fixed-rate, tax-exempt municipal bonds are transferred to a trust (the &#8220;Trust&#8221;).The Trust typically issues two variable rate securities that are collateralized by the cash flows of the fixed-rate, tax-exempt municipal bonds. One of these variable rate securities pays interest based on a short-term floating rate set by a remarketing agent at predetermined intervals (&#8220;Trust Certificates&#8221;). A residual interest tax-exempt security is also created by the Trust, which is transferred to the fund, and is paid interest based on the remaining cash flows of the Trust, after payment of interest on the other securities and various expenses of the Trust. An inverse floater security may be collapsed without the consent of the fund due to certain termination events such as bankruptcy, default or other credit event.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The fund accounts for the transfer of bonds to the Trust as secured borrowings, with the securities transferred remaining in the fund&#8217;s investments, and the related floating rate certificate securities reflected as fund liabilities in the Statement of Assets and Liabilities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The fund may invest in inverse floater securities on either a nonre-course or recourse basis. These securities are typically supported by a liquidity facility provided by a bank or other financial institution (the &#8220;Liquidity Provider&#8221;) that allows the holders of the Trust Certificates to tender their certificates in exchange for payment from the Liquidity Provider of par plus accrued interest on any business day prior to a termination event. When the fund invests in inverse floater securities on a non-recourse basis, the Liquidity Provider is required to make a payment under the liquidity facility due to a termination event to the holders of the Trust Certificates. When this occurs, the Liquidity Provider typically liquidates all or a portion of the municipal securities held in the Trust. A liquidation shortfall occurs if the Trust Certificates exceed the proceeds of the sale of the bonds in the Trust (&#8220;Liquidation Shortfall&#8221;). When a fund invests in inverse floater securities on a</FONT></P>

<P style="TEXT-ALIGN: right"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>The Fund </FONT><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>39</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>NOTES TO FINANCIAL STATEMENTS (Unaudited) </FONT><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">(continued)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">recourse basis, the fund typically enters into a reimbursement agreement with the Liquidity Provider where the fund is required to repay the Liquidity Provider the amount of any Liquidation Shortfall. As a result, a fund investing in a recourse inverse floater security bears the risk of loss with respect to any Liquidation Shortfall.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The average amount of borrowings outstanding under the inverse floater structure during the period ended March 31, 2015 was approximately $146,129,400, with a related weighted average annualized interest rate of .57%.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">At March 31, 2015, accumulated net unrealized appreciation on investments was $84,784,554, consisting of $87,282,567 gross unrealized appreciation and $2,498,013 gross unrealized depreciation.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">At March 31, 2015, the cost of investments for federal income tax purposes was substantially the same as the cost for financial reporting purposes (see the Statement of Investments).</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>40</FONT></B></P></DIV>

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   <TD align=left><FONT color=#141414 size=3 face=Interstate-Light,Arial,Helvetica,sans-serif>INFORMATION ABOUT THE RENEWAL OF THE</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 16pt" align=left><FONT color=#141414 size=3 face=Interstate-Light,Arial,Helvetica,sans-serif>FUND&#8217;S MANAGEMENT AGREEMENT </FONT><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>(Unaudited)</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">At a meeting of the fund&#8217;s Board of Directors held on November 3-4, 2014, the Board considered the renewal of the fund&#8217;s Management Agreement pursuant to which Dreyfus provides the fund with investment advisory and administrative services (the &#8220;Agreement&#8221;).The Board members, a majority of whom are not &#8220;interested persons&#8221; (as defined in the Investment Company Act of 1940, as amended) of the fund, were assisted in their review by independent legal counsel and met with counsel in executive session separate from Dreyfus representatives. In considering the renewal of the Agreement, the Board considered all factors that it believed to be relevant, including those discussed below.The Board did not identify any one factor as dispositive, and each Board member may have attributed different weights to the factors considered.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Analysis of Nature, Extent, and Quality of Services Provided to the Fund.</FONT></U><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The Board considered information provided to them at the meeting and in previous presentations from Dreyfus representatives regarding the nature, extent, and quality of the services provided to funds in the Dreyfus fund complex. Dreyfus&#8217; representatives noted that the fund was a closed-end fund without daily inflows and outflows of capital and provided the fund&#8217;s asset size. Dreyfus also had previously provided information regarding the diverse intermediary relationships and distribution channels of funds in the Dreyfus fund complex and Dreyfus&#8217; corresponding need for broad, deep, and diverse resources to be able to provide ongoing shareholder services to intermediaries and shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The Board also considered research support available to, and portfolio management capabilities of, the fund&#8217;s portfolio management personnel and that Dreyfus also provides oversight of day-to-day fund operations, including fund accounting and administration and assistance in meeting legal and regulatory requirements. The Board also considered Dreyfus&#8217; extensive administrative, accounting and compliance infrastructures.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Comparative Analysis of the Fund&#8217;s Performance and Management Fee and Expense Ratio. </FONT></U><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The Board reviewed reports prepared by Lipper, Inc. (&#8220;Lipper&#8221;), an independent provider of investment company data, which included information comparing (1) the fund&#8217;s performance</FONT></P>

<P style="TEXT-ALIGN: right"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>The Fund </FONT><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>41</FONT></B></P></DIV>

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   <TD style="TEXT-INDENT: 15.999pt" align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>MANAGEMENT AGREEMENT (Unaudited) </FONT><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">(continued)</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">with the performance of a group of comparable funds (the &#8220;Performance Group&#8221;) and with a broader group of funds (the &#8220;Performance Universe&#8221;), all for various periods ended September 30, 2014, and (2) the fund&#8217;s actual and contractual management fees and total expenses with those of a group of comparable funds (the &#8220;Expense Group&#8221;) and with a broader group of funds (the &#8220;Expense Universe&#8221;), the information for which was derived in part from fund financial statements available to Lipper as of the date of its analysis. Dreyfus previously had furnished the Board with a description of the methodology Lipper used to select the Performance Group and Performance Universe and the Expense Group and Expense Universe.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Dreyfus representatives stated that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations that may be applicable to the fund and comparison funds.The Board discussed the results of the comparisons and noted that the fund&#8217;s total return performance, on a net asset value basis, was at or above the Performance Group median in half of the periods (including the one-year and ten-year periods) and below the Performance Universe medians for all periods. The fund&#8217;s total return performance, on a market price basis, was above the Performance Group and Performance Universe medians for all periods except for the one and two-year periods when the fund&#8217;s performance was below the medians. The Board also noted that, on a net asset value basis, the fund&#8217;s yield performance was at or above the Performance Group median for eight of the ten one-year periods ended September 30th (ranking first in the Performance Group for three of the periods) and above the Performance Universe median for nine of the periods.The fund&#8217;s yield performance, on a market price basis, was at or above the Performance Group median in eight of the ten one-year periods ended September 30th (ranking first in the Performance Group in two of the periods) and was above the Performance Universe median for all of the one-year periods. Dreyfus also provided a comparison of the fund&#8217;s calendar year total returns (on a net asset value basis) to the returns of the fund&#8217;s Lipper category average, noting that the fund&#8217;s returns were higher than the category average in seven of the past ten calendar years.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>42</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Dreyfus representatives noted that Dreyfus has agreed, until May 31, 2015, to waive receipt of a portion of the fund&#8217;s management fee, in the amount of .10% of the value of the fund&#8217;s average weekly net assets, including net assets representing auction preferred stock outstanding (&#8220;Leveraged Assets&#8221;).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The Board also reviewed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds and discussed the results of the comparisons. The Board noted that the fund&#8217;s contractual management fee, based on common assets, was highest in the Expense Group, the fund&#8217;s actual management fee, based on common assets, was below the Expense Group and Expense Universe medians, and the fund&#8217;s actual management fee, based on common assets and Leveraged Assets, was above the Expense Group and Expense Universe medians.The Board also noted that the fund&#8217;s total expenses, both based on common assets alone and on common assets and Leveraged Assets, were below the Expense Group and Expense Universe medians.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Dreyfus representatives reviewed with the Board the management or investment advisory fees (1) paid by funds advised or administered by Dreyfus that are in the same Lipper category as the fund and (2) paid to Dreyfus or the Dreyfus-affiliated primary employer of the fund&#8217;s primary portfolio manager(s) for advising any separate accounts and/or other types of client portfolios that are considered to have similar investment strategies and policies as the fund (the &#8220;Similar Clients&#8221;), and explained the nature of the Similar Clients.They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors, noting that the fund is a closed-end fund. The Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness and reasonableness of the fund&#8217;s management fee.</FONT></P>

<P style="TEXT-ALIGN: left"><U><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Analysis of Profitability and Economies of Scale. </FONT></U><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">Dreyfus representatives reviewed the expenses allocated and profit received by Dreyfus and its affiliates and the resulting profitability percentage for managing</FONT></P>

<P style="TEXT-ALIGN: right"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>The Fund </FONT><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>43</FONT></B></P></DIV>

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   <TD style="TEXT-INDENT: 15.999pt" align=left><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>MANAGEMENT AGREEMENT (Unaudited) </FONT><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">(continued)</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">the fund and the aggregate profitability percentage to Dreyfus and its affiliates for managing the funds in the Dreyfus fund complex, and the method used to determine the expenses and profit. The Board concluded that the profitability results were not unreasonable, given the services rendered and service levels provided by Dreyfus. The Board also noted the fee waiver arrangement and its effect on the profitability of Dreyfus and its affiliates. The Board also had been provided with information prepared by an independent consulting firm regarding Dreyfus&#8217; approach to allocating costs to, and determining the profitability of, individual funds and the entire Dreyfus fund complex.The consulting firm also had analyzed where any economies of scale might emerge in connection with the management of a fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The Board considered, on the advice of its counsel, the profitability analysis (1) as part of its evaluation of whether the fees under the Agreement bear a reasonable relationship to the mix of services provided by Dreyfus, including the nature, extent and quality of such services, and (2) in light of the relevant circumstances for the fund and the extent to which economies of scale would be realized if the fund grows and whether fee levels reflect these economies of scale for the benefit of fund shareholders. Dreyfus representatives noted that, because the fund is a closed-end fund without daily inflows and outflows of capital, there were not at this time significant economies of scale to be realized by Dreyfus in managing the fund&#8217;s assets. Dreyfus representatives also noted that, as a result of shared and allocated costs among funds in the Dreyfus fund complex, the extent of economies of scale could depend substantially on the level of assets in the complex as a whole, so that increases and decreases in complex-wide assets can affect potential economies of scale in a manner that is disproportionate to, or even in the opposite direction from, changes in the fund&#8217;s asset level. The Board also considered potential benefits to Dreyfus from acting as investment adviser and noted that there were no soft dollar arrangements in effect for trading the fund&#8217;s investments.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>44</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">decision with respect to the renewal of the Agreement. Based on the discussions and considerations as described above, the Board concluded and determined as follows.</FONT></P>

<UL>

<LI>

<P align=justify><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The Board concluded that the nature, extent and quality of the</FONT> <FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">services provided by Dreyfus are adequate and appropriate.</FONT></P>

<LI>

<P align=justify><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The Board generally was satisfied with the fund&#8217;s overall performance.</FONT></P>

<LI>

<P align=justify><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The Board concluded that the fee paid to Dreyfus was reasonable in</FONT> <FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">light of the considerations described above.</FONT></P>

<LI>

<P align=justify><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">The Board determined that the economies of scale which may accrue</FONT> <FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">to Dreyfus and its affiliates in connection with the management of the</FONT> <FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">fund had been adequately considered by Dreyfus in connection with</FONT> <FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">the fee rate charged to the fund pursuant to the Agreement and that,</FONT> <FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">to the extent in the future it were determined that material</FONT> <FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">economies of scale had not been shared with the fund, the Board</FONT> <FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">would seek to have those economies of scale shared with the fund.</FONT></P></LI></UL>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">In evaluating the Agreement, the Board considered these conclusions and determinations and also relied on its previous knowledge, gained through meetings and other interactions with Dreyfus and its affiliates, of the fund and the services provided to the fund by Dreyfus. The Board also relied on information received on a routine and regular basis throughout the year relating to the operations of the fund and the investment management and other services provided under the Agreement, including information on the investment performance of the fund in comparison to similar funds and benchmark performance indices; general market outlook as applicable to the fund; and compliance reports. In addition, the Board&#8217;s consideration of the contractual fee arrangements for this fund had the benefit of a number of years of reviews of prior or similar agreements during which lengthy discussions took place between the Board and Dreyfus representatives. Certain aspects of the arrangements may receive greater scrutiny in some years than in others, and the Board&#8217;s conclusions may be based, in part, on their consideration of the same or similar arrangements in prior years.The Board determined to renew the Agreement.</FONT></P>

<P style="TEXT-ALIGN: right"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>The Fund </FONT><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>45</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>NOTES</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>46</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: right"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>The Fund </FONT><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>47</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>NOTES</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>48</FONT></B></P></DIV>

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   <TD align=left><FONT color=#141414 size=3 face=Interstate-Light,Arial,Helvetica,sans-serif>OFFICERS AND DIRECTORS</FONT>&nbsp;</TD>

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   <TD colSpan=2 align=left><FONT color=#141414 size=2 face=Interstate-Light,Arial,Helvetica,sans-serif>Dreyfus Strategic Municipals,</FONT> <FONT size=2 face=Interstate-Light,Arial,Helvetica,sans-serif>Inc.</FONT>&nbsp;</TD></TR>

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   <TD align=left><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">200 Park Avenue</FONT>&nbsp;</TD>

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   <TD align=left><FONT color=#141414 size=2 face="Bembo,Times New Roman,Times,serif">New York, NY 10166</FONT>&nbsp;</TD>

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<P style="TEXT-ALIGN: left"><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">The fund&#8217;s net asset value per share appears in the following publications: Barron&#8217;s, Closed-End Bond Funds section under the heading &#8220;Municipal Bond Funds&#8221; every Monday; and Wall Street Journal, Mutual Funds section under the heading &#8220;Closed-End Bond Funds&#8221; every Monday.</FONT></I></P>

<P style="TEXT-ALIGN: left"><I><FONT color=#141414 size=1 face="Bembo-Italic,Times New Roman,Times,serif">Notice is hereby given in accordance with Section 23(c) of the Act, that the fund may purchase shares of its common stock in the open market when it can do so at prices below the then current net asset value per share.</FONT></I></P>

<P style="TEXT-ALIGN: right"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>The Fund </FONT><B><FONT color=#141414 size=1 face=InterstateBoldNonKern,Arial,Helvetica,sans-serif>49</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT color=#141414 size=7 face=Interstate-Light,Arial,Helvetica,sans-serif>For More Information</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (&#8220;SEC&#8221;) for the first and third quarters of each fiscal year on Form N-Q. The fund&#8217;s Forms N-Q are available on the SEC&#8217;s website at http://www.sec.gov and may be reviewed and copied at the SEC&#8217;s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#141414 size=1 face=Interstate-Light,Arial,Helvetica,sans-serif>A description of the policies and procedures that the fund uses to determine how to vote proxies related to portfolio securities, and information regarding how the fund voted these proxies for the most recent 12-month period ended June 30 is available at http://www.dreyfus.com on the SEC&#8217;s website at http://www.sec.gov and without charge, upon request, by calling 1-800-DREYFUS.</FONT></P>
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<P style="MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Item 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Code of Ethics.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Committee Financial Expert.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Item 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Accountant Fees and Services.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Item 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Committee of Listed Registrants.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Item 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(a)</FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Not applicable.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Item 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosure of Proxy Voting Policies and Procedures for Closed-End Management&nbsp;Investment Companies.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Item 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio Managers of Closed-End Management Investment Companies.</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(a) (1)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> The following information is as of May 27, 2015, the date of the filing of this report:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Daniel A. Barton and Jeffrey B. Burger</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> manage the Registrant.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(a)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> </FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(2)</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"> The following information is as of the Registrant&#8217;s most recently completed fiscal year, except where otherwise noted:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Portfolio Managers.</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> The Manager manages the Fund's portfolio of investments in accordance with the stated policies of the Fund, subject to the approval of the Fund's Board members.&nbsp; The Manager is responsible for investment decisions and provides the Fund with portfolio managers who are authorized by the Fund's Board to execute purchases and sales of securities.&nbsp; The Fund's portfolio managers are </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Dan Barton and Jeffrey Burger</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp; The Manager also maintains a research department with a professional staff of portfolio managers and securities analysts who provide research services for the Fund and for other funds advised by the Manager.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 12pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Portfolio Manager Compensation</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp; The portfolio managers' compensation is comprised primarily of a market-based salary and an incentive compensation plan (annual and long-term).&nbsp; Funding for the Standish Incentive Plan is through a pre-determined fixed percentage of overall company profitability.&nbsp; Therefore, all bonus awards are based initially on Standish's overall performance as opposed to the performance of a single product or group.&nbsp; All investment professionals are eligible to receive incentive awards.&nbsp; Cash awards are payable in the February month end pay of the following year. Most of the awards granted have some portion deferred for </FONT>


<FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">three years in the form of deferred cash, BNY Mellon equity, interests in investment vehicles (consisting of investments in a range of Standish products), or a combination of the above. Individual awards for portfolio managers are discretionary, based on both individual and multi-sector product risk adjusted performance relative to both benchmarks and peer comparisons over one year, three year and five year periods.&nbsp; Also considered in determining individual awards are team participation and general contributions to Standish.&nbsp; Individual objectives and goals are also established at the beginning of each calendar year and are taken into account. Portfolio managers whose compensation exceeds certain levels may elect to defer portions of their base salaries and/or incentive compensation pursuant to BNY Mellon's Elective Deferred Compensation Plan.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 12pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Additional Information About Portfolio Managers</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">.&nbsp; The following table lists the number and types of other accounts advised by the Fund&#8217;s primary portfolio manager and assets under management in those accounts as of the end of the Fund's fiscal year:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Portfolio Manager</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Registered Investment Company </FONT></B><B><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Accounts</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Pooled </FONT></B><B><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Accounts</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Assets Managed </FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Other </FONT></B><B><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Accounts</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Assets Managed</FONT></U></B></P></TD></TR>

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   <P style="MARGIN: 6pt 0in 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 11pt" color=black face="Times New Roman">Daniel A. Barton</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 0pt; BACKGROUND: white" align=center><FONT style="FONT-SIZE: 11pt" face=times>6</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 0pt; BACKGROUND: white" align=center><FONT style="FONT-SIZE: 11pt" face=times>$2.4 billion</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 0pt; BACKGROUND: white" align=center><FONT style="FONT-SIZE: 11pt" face=times>N/A</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 0pt; BACKGROUND: white" align=center><FONT style="FONT-SIZE: 11pt" face=times>N/A</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 0pt; BACKGROUND: white" align=center><FONT style="FONT-SIZE: 11pt" face=times>N/A</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 0pt; BACKGROUND: white" align=center><FONT style="FONT-SIZE: 11pt" face=times>N/A</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 11pt" face=times>Jeffrey B. Burger</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 0pt; BACKGROUND: white" align=center><FONT style="FONT-SIZE: 11pt" face=times>11</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 0pt; BACKGROUND: white" align=center><FONT style="FONT-SIZE: 11pt" face=times>$4.8 billion</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 0pt; BACKGROUND: white" align=center><FONT style="FONT-SIZE: 11pt" face=times>1</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 0pt; BACKGROUND: white" align=center><FONT style="FONT-SIZE: 11pt" face=times>$271 million</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 0pt; BACKGROUND: white" align=center><FONT style="FONT-SIZE: 11pt" face=times>310</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 0pt; BACKGROUND: white" align=center><FONT style="FONT-SIZE: 11pt" face=times>$855 million</FONT></P></TD></TR></TABLE></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">None of the funds or accounts are subject to a performance-based advisory fee.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; BACKGROUND: white"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The dollar range of Fund shares beneficially owned by the primary portfolio manager is as follows as of the end of the Fund&#8217;s fiscal year:</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Portfolio Manager</FONT></U></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Registrant Name</FONT></U></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Dollar Range of Registrant </FONT></B></P>

   <P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Shares Beneficially Owned</FONT></U></B></P></TD></TR>

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   <P style="MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 11pt" face=times>Daniel A. Barton</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Dreyfus Strategic Municipals, Inc.</FONT></P></TD>

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   <P style="MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 11pt" face=times>Jeffrey B. Burger</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0in" align=center><FONT style="FONT-SIZE: 11pt" face="Times New Roman">Dreyfus Strategic Municipals, Inc.</FONT></P></TD>

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   <P style="MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 11pt" face="Times New Roman">None</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Portfolio managers may manage multiple accounts for a diverse client base, including mutual funds, separate accounts (assets managed on behalf of institutions such as pension funds, insurance companies and foundations), bank common trust accounts and wrap fee programs (&#8220;Other Accounts&#8221;).&nbsp; </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></P>

<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Potential conflicts of interest may arise because of Dreyfus&#8217; management of the Fund and Other Accounts.&nbsp; For example, conflicts of interest may arise with both the aggregation and allocation of securities transactions and allocation of limited investment opportunities, as Dreyfus may be perceived as causing accounts it manages to participate in an offering to increase Dreyfus&#8217; overall allocation of securities in that offering, or to increase Dreyfus&#8217; ability to participate in future offerings by the same underwriter or issuer.&nbsp; Allocations of bunched trades, particularly trade orders that were only partially filled due to limited availability and allocation of investment opportunities generally, could raise a potential conflict of interest, as Dreyfus may have an incentive to allocate securities that are expected to increase in value to preferred accounts.&nbsp; Initial public offerings, in particular, are frequently of very limited availability.&nbsp; Additionally, portfolio managers may be perceived to have a conflict of interest if there are a large number of Other </FONT>


<FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Accounts, in addition to the Fund, that they are managing on behalf of Dreyfus.&nbsp;&nbsp; Dreyfus periodically reviews each portfolio manager&#8217;s overall responsibilities to ensure that he or she is able to allocate the necessary time and resources to effectively manage the Fund.&nbsp; In addition, Dreyfus could be viewed as having a conflict of interest to the extent that Dreyfus or its affiliates and/or portfolio managers have a materially larger investment in Other Accounts than their investment in the Fund.</FONT></P>

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<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Other Accounts may have investment objectives, strategies and risks that differ from those of the Fund.&nbsp; For these or other reasons, the portfolio manager may purchase different securities for the Fund and the Other Accounts, and the performance of securities purchased for the Fund may vary from the performance of securities purchased for Other Accounts.&nbsp; The portfolio manager may place transactions on behalf of Other Accounts that are directly or indirectly contrary to investment decisions made for the Fund, which could have the potential to adversely impact the Fund, depending on market conditions.</FONT></P>

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<P style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">A potential conflict of interest may be perceived to arise if transactions in one account closely follow related transactions in another account, such as when a purchase increases the value of securities previously purchased by the other account, or when a sale in one account lowers the sale price received in a sale by a second account.&nbsp; </FONT></P>

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<P style="MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dreyfus&#8217; goal is to provide high quality investment services to all of its clients, while meeting Dreyfus&#8217; fiduciary obligation to treat all clients fairly.&nbsp; Dreyfus has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures that it believes address the conflicts associated with managing multiple accounts for multiple clients.&nbsp; In addition, Dreyfus monitors a variety of areas, including compliance with Fund guidelines, the allocation of IPOs, and compliance with the firm&#8217;s Code of Ethics.&nbsp; Furthermore, senior investment and business personnel at Dreyfus periodically review the performance of the portfolio managers for Dreyfus-managed funds.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Item 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of Equity Securities by Closed-End Management Investment Companies and&nbsp;Affiliated Purchasers.</FONT></B></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">None.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Item 10.&nbsp;&nbsp;&nbsp;&nbsp; Submission of Matters to a Vote of Security Holders.</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There have been no material changes to the procedures applicable to Item 10.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Item 11.&nbsp;&nbsp;&nbsp;&nbsp; Controls and Procedures.</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There were no changes to the Registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Item 12.&nbsp;&nbsp;&nbsp;&nbsp; Exhibits.</FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(a)(1)&nbsp;&nbsp; Not applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(a)(2)&nbsp;&nbsp; Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(a)(3)&nbsp;&nbsp; Not applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 24pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">SIGNATURES<BR><BR></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Dreyfus Strategic Municipals, Inc.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">/s/ Bradley J. Skapyak</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bradley J. Skapyak,</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Date:&nbsp;&nbsp;&nbsp; May 19, 2015</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">By:&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">/s/ Bradley J. Skapyak </FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bradley J. Skapyak,</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; President</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Date:&nbsp;&nbsp;&nbsp; May 19, 2015</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">/s/ James Windels</FONT></U></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; James Windels,</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasurer</FONT></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">Date:&nbsp;&nbsp;&nbsp; May 19, 2015</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 12pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">EXHIBIT INDEX</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(a)(2)&nbsp;&nbsp; Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.&nbsp; (EX-99.CERT)</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 0.5in"><FONT style="FONT-SIZE: 11pt" lang=EN-US face="Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Investment Company Act of 1940.&nbsp; (EX-99.906CERT)</FONT></P></DIV>

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<TYPE>EX-99.CERT
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<FILENAME>exhibit302853.htm
<DESCRIPTION>CERTIFICATION REQUIRED BY RUL3 30A-2
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<p align=right style="margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">[EX-99.CERT]&#8212;Exhibit&#160;
(a)(2)</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 302 CERTIFICATION</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">I, Bradley J. Skapyak, certify
that:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">1.&#160; I have reviewed this report on
Form N-CSR of Dreyfus Strategic Municipals, Inc.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">2.&#160; Based on my
knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">3.&#160; Based on my
knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial
condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the
registrant as of, and for, the periods presented in this report;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">4.&#160; The
registrant's other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
1940) for the registrant and have:</font></p>

<p style="margin-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;</font></p>

<p style="margin-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;</font></p>

<p style="margin-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over
financial reporting; </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">5.&#160; The
registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):</font></p>

<p style="margin-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and</font></p>

<p style="margin-bottom:6.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(b) Any fraud, whether
or not material, that involves management or other employees who have a
significant role in the registrant's internal control over financial reporting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">By:&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">/s/ Bradley J. Skapyak</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"> </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Bradley
J. Skapyak,</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; President</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Date:&#160;&#160;&#160; May 19, 2015</font></p>





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<p align=left style="margin-bottom:12.0pt;margin-left:228.0pt;margin-right:0in;margin-top:0in;text-align:left;text-indent:-1.0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 302 CERTIFICATION</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">I, James Windels, certify that:</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">1.&#160; I have reviewed this report on
Form N-CSR of Dreyfus Strategic Municipals, Inc.;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">2.&#160; Based on my
knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">3.&#160; Based on my
knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial
condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the
registrant as of, and for, the periods presented in this report;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">4.&#160; The
registrant's other certifying officer(s) and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
1940) for the registrant and have:</font></p>

<p style="margin-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared;</font></p>

<p style="margin-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;</font></p>

<p style="margin-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90
days prior to the filing date of this report based on such evaluation; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over
financial reporting; </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">5.&#160; The
registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):</font></p>

<p style="margin-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(a) All significant deficiencies and material weaknesses in the design or
operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process,
summarize, and report financial information; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:12.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(b) Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal control over
financial reporting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">By:&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">/s/ James Windels</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; James
Windels,</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Treasurer</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Date:&#160;
&#160; May 19, 2015</font></p>

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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=FR style="font-size:11.0pt;">[EX-99.906CERT]</font></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=FR style="font-size:11.0pt;">Exhibit (b)</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=FR style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=FR style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:24.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=FR style="font-size:11.0pt;">SECTION 906
CERTIFICATIONS</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=FR style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">In connection with
this report on Form N-CSR for the Registrant as furnished to the Securities and
Exchange Commission on the date hereof (the &quot;Report&quot;), the
undersigned hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002, that:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (1)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Report fully complies with the requirements of Section 13(a) or 15(d) of the
Securities Exchange Act of 1934, as applicable; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (2)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
information contained in the Report fairly presents, in all material respects,
the financial condition and results of operations of the Registrant.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">By:&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">/s/
Bradley J. Skapyak</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Bradley
J. Skapyak,</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; President</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:3.0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Date:&#160;&#160;&#160; May
19, 2015</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:3.0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">By:&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">/s/
James Windels</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160; James Windels,</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Treasurer</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:3.0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Date:&#160;&#160;&#160; May
19, 2015</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">This certificate is
furnished pursuant to the requirements of Form N-CSR and shall not be deemed
&quot;filed&quot; for purposes of Section 18 of the Securities Exchange Act of
1934, or otherwise subject to the liability of that section, and shall not be
deemed to be incorporated by reference into any filing under the Securities Act
of 1933 or the Securities Exchange Act of 1934.</font></i></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

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